Key Takeaways
- • SoFi Technologies (NASDAQ: SOFI) launched SoFi Earn (SOFIE) on October 22, 2026, which it describes as the first and only national bank-issued tokenized deposit for consumers, paying 4.40% APY with FDIC insurance up to applicable limits.
- • Each SOFIE represents $1 held on deposit at SoFi Bank, N.A., and can be converted 1:1 into SoFiUSD to buy crypto in the SoFi app or move funds over blockchain rails 24/7.
- • SoFi cites Fed research estimating roughly $64 billion, or 21.2% of the stablecoin market, sits idle in rarely used or inactive wallets, the gap SOFIE targets.
- • SoFi Earn is the fifth new crypto offering the company has launched in less than a year, following crypto trading in November 2025 and the SoFiUSD stablecoin in December 2025.
- • SoFi Earn is rolling out to SoFi Crypto members through November 2026.
Summary
SoFi Technologies, Inc. announced the launch of SoFi Earn (SOFIE), which the company describes as the first and only national bank-issued tokenized deposit for consumers. According to the company's press release, members can hold digital dollars in SOFIE and earn 4.40% APY, with funds FDIC-insured up to applicable FDIC limits. The APY is variable and subject to change, and rates were current as of October 20, 2026, according to the company's disclosures. SoFi states there is no minimum balance requirement, though fees may reduce earnings.
SOFIE is structured as a deposit liability of SoFi Bank, N.A., Member FDIC, and is explicitly distinguished from payment stablecoins and from SoFi Crypto, which is a separate product. The company's disclosures state that digital assets offered through SoFi Crypto are not FDIC-insured and may lose value. Members can convert SOFIE 1:1 into SoFiUSD, which can then be used to buy crypto in the SoFi app or sent to a supported external wallet over blockchain rails 24/7. SoFi's example describes a member saving $5,000 for a future crypto purchase who holds the funds in SOFIE while earning interest.
CEO Anthony Noto framed the product as addressing idle capital in digital asset markets: "Too much money in the digital asset ecosystem is sitting idle, leaving massive potential earnings on the table for millions of people." SoFi cites Fed research estimating approximately $64 billion, or 21.2% of the stablecoin market, is held in rarely used, forgotten or inactive wallets, and notes that many stablecoins do not pay interest or carry FDIC insurance.
The launch extends a rapid build-out of SoFi's digital money platform. SoFi became the first and only nationally chartered bank to offer consumer crypto trading in November 2025, and members can now trade more than 40 cryptocurrencies through SoFi Crypto. In December 2025, it launched SoFiUSD (SOFID), which the company describes as the first stablecoin issued by a U.S. national bank, and says SoFiUSD is already used to settle its card program across Mastercard's network. Earlier in 2026, SoFi launched Big Business Banking for corporate clients. SoFi reports 15.8 million members.
SOFIE is structured as a deposit liability of SoFi Bank, N.A., Member FDIC, and is explicitly distinguished from payment stablecoins and from SoFi Crypto, which is a separate product. The company's disclosures state that digital assets offered through SoFi Crypto are not FDIC-insured and may lose value. Members can convert SOFIE 1:1 into SoFiUSD, which can then be used to buy crypto in the SoFi app or sent to a supported external wallet over blockchain rails 24/7. SoFi's example describes a member saving $5,000 for a future crypto purchase who holds the funds in SOFIE while earning interest.
CEO Anthony Noto framed the product as addressing idle capital in digital asset markets: "Too much money in the digital asset ecosystem is sitting idle, leaving massive potential earnings on the table for millions of people." SoFi cites Fed research estimating approximately $64 billion, or 21.2% of the stablecoin market, is held in rarely used, forgotten or inactive wallets, and notes that many stablecoins do not pay interest or carry FDIC insurance.
The launch extends a rapid build-out of SoFi's digital money platform. SoFi became the first and only nationally chartered bank to offer consumer crypto trading in November 2025, and members can now trade more than 40 cryptocurrencies through SoFi Crypto. In December 2025, it launched SoFiUSD (SOFID), which the company describes as the first stablecoin issued by a U.S. national bank, and says SoFiUSD is already used to settle its card program across Mastercard's network. Earlier in 2026, SoFi launched Big Business Banking for corporate clients. SoFi reports 15.8 million members.
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