SoFi has introduced SoFi Earn, a tokenized bank deposit that pays interest to eligible customers. The product lets them hold digital dollars before converting the balance to SoFiUSD or using it for cryptocurrency purchases. Availability and returns depend on the program’s terms.
In its October 22 announcement, SoFi said each SOFIE token represents a dollar held as a deposit at SoFi Bank. The company said the product offers a variable 4.40% annual percentage yield, subject to change, and that eligible funds receive FDIC insurance within applicable limits. The product is rolling out to SoFi Crypto members through November.
SoFi said customers can convert SOFIE into SoFiUSD at a 1:1 rate and then use the stablecoin to buy crypto in the SoFi app or transfer funds over supported blockchain rails. The company positions the product as a way to keep funds earning while they remain available for a future digital-asset transaction.
How a tokenized deposit differs from a stablecoin
SoFi describes SOFIE as a bank deposit liability, not a payment stablecoin. That distinction matters: stablecoins are generally designed to maintain a reference value, while a tokenized deposit represents a claim on a bank. The legal structure, redemption terms and protections therefore depend on the specific product rather than the use of blockchain alone.
SoFi’s launch comes as financial institutions explore blockchain-based settlement and digital-dollar services. It follows the company’s launch of SoFiUSD in December 2025 and adds an interest-bearing deposit product to its digital-money offering. For broader context, see BlockBriefing’s coverage of U.S. stablecoin regulation and the debate over stablecoin rewards.
Customers should review the account agreement, variable rate, transfer options and applicable deposit-insurance rules before using the product. SoFi’s own disclosure says digital assets other than SOFIE are not FDIC-insured and may lose value.
Source: SoFi official announcement.
Related Reading
For more context, read What Is a Stablecoin? Types, Uses and Risks and our report on Franklin Templeton’s tokenized fund shares on the XRP Ledger.
This report is for informational purposes only and is not financial advice.
