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SoFi Launches SoFi Earn (SOFIE), the First and Only National Bank-Issued Tokenized Deposit for Consumers

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SoFi Launches SoFi Earn (SOFIE), the First and Only National Bank-Issued Tokenized Deposit for Consumers

SoFi Technologies, Inc., the everything app for digital financial services, announced the launch of SoFi Earn (SOFIE), the first and only national bank-issued tokenized deposit for consumers. SoFi members can now earn interest on digital dollars while keeping them ready to use, representing the company’s fifth new crypto offering in less than a year.

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SoFi Earn brings the best of banking into the digital money ecosystem, giving consumers a new way to earn while keeping their funds ready for what’s next. Each SOFIE represents $1 held on deposit at SoFi Bank, earning 4.40% APY with funds FDIC-insured up to applicable FDIC limits. When members are ready to put those funds to work, they can convert SOFIE 1:1 to SoFiUSD, then use the SoFiUSD to buy crypto directly in the SoFi app or move money over blockchain rails 24/7.

“Too much money in the digital asset ecosystem is sitting idle, leaving massive potential earnings on the table for millions of people,” said Anthony Noto, CEO of SoFi. “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.”

Stablecoins have become an increasingly common way to hold digital dollars, but many do not pay interest and are not FDIC-insured. 2% of the stablecoin market, sits idle in rarely used, forgotten or inactive wallets.


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