SoFi has rolled out SOFIE, a tokenized deposit that lives on the crypto side of its app but behaves like a bank account under the hood.
What SOFIE actually is
SOFIE, which SoFi also calls SoFi Earn, is issued through SoFi Bank, N.A. That entity is a fully chartered, FDIC-insured subsidiary of SoFi Technologies, Inc.
SOFIE is not a new digital currency. It is a deposit liability of SoFi Bank, meaning the token represents money the bank owes you, the same way a checking balance does.
Because it counts as a deposit, SOFIE balances qualify for FDIC insurance up to the applicable limits when held at SoFi Bank. Those balances are aggregated with any other deposits a customer has at the bank, so SOFIE does not come with its own separate bucket of coverage.
On yield, The Block’s summary of the launch pegged the product at 4% APY. SoFi’s product materials list a variable rate of 4.40% APY as of October 20, 2026.
Customers access SOFIE through the SoFi Crypto interface.
SOFIE versus SoFiUSD
SoFi now runs two dollar-linked tokens. The second is SoFiUSD, which trades under the ticker SOFID. It is a payment stablecoin, redeemable 1:1 for US dollars. It is not a deposit, and it does not carry FDIC insurance.
Users can convert between SOFIE and SoFiUSD, subject to the specific terms laid out in SoFi’s account agreements.
There is one fine-print wrinkle worth flagging. SoFi offers a broader Insured Deposit Program that extends coverage beyond standard limits by spreading money across partner banks. SOFIE balances are excluded from that program.
How SoFi got here
In December 2025, SoFi established public blockchain infrastructure. In May 2026, it launched SoFiUSD on top of that foundation. SOFIE followed in mid-to-late October 2026, with marketing and promotional pushes picking up on October 22.
The launch also lands while the FDIC continues to refine its guidance on tokenized deposits.
Why this matters
The two-product setup segments users by risk appetite. Conservative savers who want yield and federal protection can sit in SOFIE. Users who want the flexibility of a stablecoin, and are comfortable without deposit insurance, can hold SoFiUSD. The conversion feature lets money flow between the two depending on what the customer needs that day.
Stablecoin issuers that do not have bank charters can offer dollar tokens, but they cannot offer FDIC insurance on them. SoFi can now offer both, side by side, in one app.
There are limits to keep in view. The rate is variable and can fall. Insurance coverage is shared with other SoFi Bank deposits, not stacked on top. The expanded Insured Deposit Program does not extend to SOFIE. Customers moving money between SOFIE and SoFiUSD should understand exactly when their dollars stop being insured deposits and start being uninsured stablecoins.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.