By PYMNTS | October 22, 2026
SoFi Technologies is rolling out a tokenized deposit for consumers that enables SoFi Crypto members to earn interest while keeping their funds accessible when needed, the company said in a Thursday (Oct. 22) press release.
Each SoFi Earn (SOFIE) tokenized deposit represents $1 held on deposit at SoFi Bank and is FDIC-insured up to applicable FDIC limits, according to the release.
As of Tuesday (Oct. 20), the money held on deposit at SoFi Bank and represented by SOFIE was earning 4.40% annual percentage yield, although the APY is variable and subject to change at any time, the release said.
When members are ready to use the funds, they can convert SOFIE 1:1 to SoFiUSD stablecoins and then use the SoFiUSD to buy cryptocurrency in the SoFi digital financial services app or send the money over blockchain rails to a supported external wallet at any time, per the release.
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SoFi is rolling out SoFi Earn to SoFi Crypto members through November, according to the release.
SoFi CEO Anthony Noto said in the release that SoFi Earn enables people to keep their money working for them rather than sitting idle.
“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,” Noto said.
SoFi announced in May that it had made SoFiUSD available for SoFi members to buy, sell, hold and convert directly within the SoFi app. The company said at the time that it planned to integrate stablecoin utility across its ecosystem, including enabling SoFi members to convert SoFiUSD into tokenized deposits so they can earn interest and access FDIC insurance on the deposits.
By the end of the second quarter, about $300 million of SoFiUSD was in circulation, SoFi said in materials released in conjunction with a July earnings call. Noto said during the call that SoFi’s cryptocurrency business is settling transactions in the stablecoin, and commercial banking customers can use it for payments.
In September, SoFi announced that it and Mastercard had begun using stablecoin settlement across SoFi Bank, N.A.’s debit and credit card program. The company said SoFi Bank was migrating its entire $25 billion card program to stablecoin settlement of transactions, using SoFiUSD and Mastercard’s global payments network.
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