SoFi Launches SOFIE Tokenized Deposit Paying 4.4% APY

Digital dollars parked with SoFi can now earn bank interest and carry FDIC insurance, as long as they stay inside a new token called SOFIE. SoFi Technologies announced SoFi Earn, ticker SOFIE, on Thursday, describing it as the first national bank-issued tokenized deposit for consumers. Each token represents $1 held on deposit at SoFi Bank and earns a variable 4.40% APY, with FDIC insurance up to applicable limits.

The product lives on the crypto side of the SoFi app but behaves like a bank account underneath. SOFIE is issued through SoFi Bank, N.A., the chartered, FDIC-insured subsidiary of SoFi Technologies, and it is not a new digital currency. It is a deposit liability of the bank, meaning the token represents money SoFi Bank owes its holder, much as a checking balance does. Users reach it through the SoFi Crypto interface.

The twist comes when a member wants to put the money to work. Holders can convert SOFIE 1:1 into SoFiUSD (ticker SOFID), the bank's payment stablecoin, which is redeemable 1:1 for US dollars and can be used to buy crypto in the SoFi app or move dollars over blockchain rails around the clock. SOFID is not a deposit and carries no FDIC insurance, so deposit interest and coverage do not follow the money across. Think of it as a door between two rooms: one is a bank vault with a deposit guarantee, the other is a payments rail without one.

SoFi's Anthony Noto framed the product around dormant capital:

"Too much money in the digital asset ecosystem is sitting idle,"

Anthony Noto, SoFi

SoFi cited Federal Reserve research estimating that roughly $64 billion, about 21% of the stablecoin market, sits idle in forgotten or inactive wallets, and it is pitching SOFIE as a way to keep that money earning until the moment it is spent.

The fine print matters. The 4.40% rate is variable and can fall. FDIC coverage is aggregated with a customer's other deposits at SoFi Bank, so SOFIE has no separate coverage bucket of its own. SOFIE balances are also excluded from SoFi's broader Insured Deposit Program, which spreads money across partner banks. Customers therefore need to understand exactly when their dollars stop being insured deposits.

Early summaries of the launch put the yield at 4%, while SoFi's product materials list a variable 4.40% APY as of October 20, 2026.

SOFIE is SoFi's fifth crypto product in under a year. The bank established public blockchain infrastructure in December 2025 and returned to crypto trading in late 2025 as the first nationally chartered U.S. bank to offer it to consumers, with more than 40 tokens tradable. SoFiUSD followed in May 2026; it runs on Ethereum and Solana and settles SoFi's entire card program over Mastercard's network.

SOFIE also lands amid a wider wave of bank experiments with tokenized deposits. Just a day earlier, we reported that Vantage Bank and Rio Bank settled a loan payment with tokenized deposits on Ethereum, with principal and interest reaching the receiving bank's wallet in under three minutes. That was a bank-to-bank use case. SOFIE aims at retail, pairing an interest-bearing, insured token with an optional exit into a stablecoin, and its success may hinge on whether consumers grasp the line where insurance and yield end.