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Hours After the GENIUS Act is Finalized, SoFi Launches Interest-Bearing Tokenized Deposit

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Hours After the GENIUS Act is Finalized, SoFi Launches Interest-Bearing Tokenized Deposit

SoFi has launched SoFi Earn (SOFIE), a bank-issued tokenized deposit for consumers. The new tokenized deposit will allow members to earn interest on their digital dollars while making them ready to use.

SoFi Earn allows customers to hold digital dollars in an interest-bearing, tokenized bank deposit that earns 4.40% APY and is eligible for FDIC insurance. When customers want to use those funds to purchase cryptocurrency or transfer money over a blockchain, they can convert their SOFIE deposits into SoFiUSD, SoFi’s stablecoin, at a one-to-one ratio. This allows customers to earn interest on their digital dollars until they’re ready to use them, combining the benefits of traditional fiat deposits with the flexibility of blockchain-based payments.

“Too much money in the digital asset ecosystem is sitting idle, leaving massive potential earnings on the table for millions of people,” said SoFi CEO Anthony Noto. “We believe your money should keep working for you until the moment you need it. SoFi Earn combines the earning power and protections of a bank deposit with the speed and utility of digital assets, giving people more value, flexibility and control over their money.”

SoFi Earn will be rolled out to SoFi Crypto members now through November. 

The launch comes just hours after the Office of the Comptroller of the Currency (OCC) finalized rules implementing the GENIUS Act’s prohibition on stablecoin issuers paying yield to holders. SoFi’s new tokenized deposit offers an alternative by positioning interest-bearing bank deposits as a complement to stablecoins without being subject to the same restrictions.


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