SoFi’s tokenized deposit product, SoFi Earn (SOFIE), launched on October 22, 2026, offering consumers 4.40% APY on digital dollars held at SoFi Bank. SoFi describes it as the first consumer tokenized deposit issued by a national bank, combining deposit insurance with the ability to convert funds into a stablecoin for crypto purchases and blockchain transfers.
Key takeaways
- Each SOFIE represents a $1 bank deposit.
- SOFIE earns 4.40% APY, with FDIC coverage subject to applicable limits.
- Members can exchange SOFIE for SoFiUSD at a 1:1 ratio.
- The rollout runs through November 2026.
How SoFi’s tokenized deposit works
SOFIE is an interest-bearing deposit at SoFi Bank, separate from the SoFiUSD stablecoin. Each token corresponds to $1 held on deposit, earning 4.40% APY, with funds covered by FDIC insurance up to applicable limits.
Members can earn interest while keeping their funds liquid and available for use. They access the deposit account through SoFi Crypto, then convert SOFIE into SoFiUSD when they want to buy crypto or transfer money over a blockchain.
The conversion takes place at a 1:1 ratio. Members can use the resulting SoFiUSD to purchase crypto directly in the app or send funds to a supported external wallet, with blockchain transfers available around the clock.
SoFi illustrates the process with a member setting aside $5,000 for a future crypto purchase: the money earns the applicable APY in SOFIE while the member waits, then converts into SoFiUSD when needed.
A deposit alongside trading, stablecoins and business banking
SoFi Earn is the company’s fifth crypto offering in less than a year, adding an interest-bearing deposit to its trading, stablecoin and business banking services.
In November 2025, SoFi launched consumer crypto trading, describing itself as the first and only nationally chartered bank to do so. Members can now buy, sell and hold more than 40 cryptocurrencies through SoFi Crypto, alongside banking, borrowing and investing in the same app.
SoFiUSD (SOFID), launched in December 2025, was the first stablecoin issued by a U.S. national bank, according to SoFi. It supports 24/7 dollar movement and settlement. The company says the stablecoin already handles settlement for its entire card program across Mastercard’s global payments network.
Earlier in 2026, SoFi introduced Big Business Banking. That platform lets companies hold deposits and manage fiat and digital assets, moving money 24/7 through traditional payment systems, stablecoins and other digital assets.
Interest on dollars waiting to move
SoFi positions its tokenized deposit as an alternative to leaving digital dollars idle in stablecoins that pay no interest. Many stablecoins also lack FDIC insurance, the company noted in its launch release.
According to Fed research cited in the release, wallets that see little to no activity or have simply been abandoned hold roughly $64 billion, representing 21.2% of the stablecoin market.
“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. He described SoFi Earn as combining bank-deposit earnings and protections with digital-asset utility.
SoFi Earn is rolling out to SoFi Crypto members from October 22 through November 2026.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.