Switch to seedless. Get 30% off with SWITCH30 till Oct 26SoFi unveils SOFIE: 4.4% yield, FDIC-insured token deposit
6.6 Banking SoFi launches SOFIE, a tokenized deposit with 4.4% APY and FDIC insurance, convertible to SoFiUSD for crypto use. Interest and insurance apply only while held as SOFIE.
SoFi Technologies has launched SoFi Earn (SOFIE), a tokenized deposit product offering consumers a 4.40% annual percentage yield (APY) and FDIC insurance up to standard limits. Each SOFIE token is backed 1:1 by US dollars held at SoFi Bank and is accessible through SoFi Crypto. Users can convert SOFIE into SoFiUSD, SoFi’s stablecoin, at a 1:1 ratio to purchase cryptocurrencies or transfer funds. However, FDIC insurance and interest no longer apply once SOFIE is converted to SoFiUSD. SOFIE is the first tokenized deposit issued by a nationally chartered U.S. bank for consumers, distinguishing it from typical stablecoins that lack deposit insurance and interest. This launch is part of SoFi’s broader strategy to expand its crypto offerings and allow users to earn interest on idle digital dollars until they are spent or invested. The product will be available to crypto members through November.
