SoFi (SOFI) launched SoFi Earn (SOFIE) on October 22, a tokenized bank deposit paying 4.40% APY with FDIC insurance, a product the company says is the first national bank-issued deposit token for consumers. SoFi said in its announcement that each SOFIE token represents $1 held on deposit at SoFi Bank and that holders earn 4.40% APY while keeping FDIC protection up to applicable limits.
Aimed at idle stablecoin dollars
SoFi built the product to capture money parked in stablecoins, which sit outside the U.S. banking system, earn no interest and carry no FDIC backing. The company cited Federal Reserve research estimating roughly $64 billion, about 21% of the stablecoin market, sits idle in forgotten or inactive wallets. CEO Anthony Noto said the product combines “the earning power and protections of a bank deposit with the speed and utility of digital assets” and that “too much money in the digital asset ecosystem is sitting idle.”
When members want to put the money to work, SOFIE converts one-to-one into SoFiUSD, the stablecoin SoFi Bank issued earlier this year on Ethereum and Solana, which now settles the bank’s card program over Mastercard’s network.
Fifth crypto product in under a year
The launch is the fifth crypto product SoFi has rolled out in under a year, capping a rapid reversal of a business it exited years earlier. The bank returned to crypto trading in late 2025, becoming the first nationally chartered U.S. bank to offer it to consumers, and SoFi Crypto members can now trade more than 40 tokens.
For holders of plain stablecoins such as USDC, which is backed 1-to-1 by dollars or Treasuries but pays no yield, a bank-issued token offering both interest and deposit insurance is a direct challenge to the zero-yield model. The consumer availability window and eligibility terms for SoFi Earn were not stated beyond the October 22 announcement.
