SoFi Launches 4.4% APY Tokenized Deposits With FDIC-Eligible Funds

SoFi has launched SoFi Earn, a tokenized deposit product paying 4.4% annual percentage yield, putting a bank deposit in digital-token form for customers of a U.S. national bank.

SoFi called it the first time a nationally chartered U.S. bank has offered tokenized deposits directly to individual customers. Each SOFIE unit represents $1 held in a SoFi Bank account, and customers can access the product through SoFi Crypto.

Customers can convert SOFIE into SoFiUSD at a 1:1 rate and send the stablecoin to supported external wallets around the clock. Deposits earn interest until conversion. FDIC insurance applies to the deposit within coverage limits; SoFiUSD itself is not insured.

SoFi Crypto supports trading in more than 40 cryptocurrencies, placing the deposit product alongside the company’s existing digital-asset services. SoFi expects to expand access to all of its crypto members by November.