SoFi Launches Tokenized Deposit With 4.40% Variable Yield

SoFi Technologies has launched SoFi Earn, a tokenized bank deposit for customers setting aside money for cryptocurrency activity, advertising a variable annual percentage yield of 4.40%. Eligible balances receive Federal Deposit Insurance Corp. coverage within standard limits, while customers can convert the deposits into SoFiUSD to make crypto purchases or transfers. The product, also called SOFIE, represents money deposited at SoFi Bank. SoFi said it is the first U.S. nationally chartered bank to offer tokenized deposits to individual customers. Customers can access SOFIE through SoFi Crypto and keep balances earning interest until they choose to convert them. The 4.40% APY is variable and can change; fees may reduce earnings. SoFi’s product materials give October 20, 2026, as the rate’s effective reference date. An earlier version of the reported rate was revised from 4.2% to 4.4% after the company updated the figure. SoFi says customers can convert SOFIE into SoFiUSD at a one-to-one ratio. The stablecoin can then be used for cryptocurrency purchases or transfers. The insurance distinction is central to the product: eligible SOFIE deposits are covered under standard FDIC...