# SoFi Rolls Out 4.40% Deposit That Converts to a Stablecoin

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/38460
Published: 2026-10-22T23:27:22.000Z
Updated: 2026-10-22T23:27:22.000Z
Section: Business

> SOFIE earns variable interest while held at SoFi Bank. Customers must convert it to SoFiUSD before sending funds to supported wallets or exchanges.

SoFi began offering crypto customers an interest-bearing bank deposit that must be converted into its stablecoin before funds can move to supported blockchains, with the deposit’s yield and federal insurance not carrying over.

A SOFIE corresponds to a $1 balance held at SoFi Bank. Its variable annual percentage yield (APY) was 4.40% as of Oct. 20. Interest builds daily and is paid monthly; customers do not need a minimum balance, though fees may reduce earnings.

To buy cryptocurrency or transfer funds through supported blockchain networks, customers convert SOFIE into SoFiUSD (SOFID) at a one-to-one rate. SoFiUSD can be sent to supported wallets and exchanges 24 hours a day, seven days a week.

The two products have different protections. SOFIE balances are eligible for Federal Deposit Insurance Corp. (FDIC) coverage up to $250,000 per depositor at each insured bank, within each account ownership category. That limit is shared with a customer’s other individual deposits at SoFi Bank, including checking and savings balances.

SoFiUSD is a stablecoin, not a bank deposit. It earns no interest and has no FDIC coverage, so those benefits stop when a customer converts SOFIE. “Too much money in the digital asset ecosystem is sitting idle,” SoFi CEO Anthony Noto said. SoFi plans to expand access to SoFi Crypto members through November.