Key Takeaways
- • SoFi launched SoFi Earn (SOFIE), a tokenized bank deposit offering a variable 4.40% APY on dollar deposits intended for cryptocurrency purchases, according to the company announcement on October 22, 2026.
- • Each SOFIE token represents $1 in deposits held at SoFi Bank, N.A. and is eligible for FDIC insurance up to $250,000 per depositor, per insured bank, per ownership category, subject to aggregate limits across existing SoFi Bank deposits.
- • SOFIE can be converted one-to-one into SoFiUSD (SOFID), SoFi's dollar stablecoin, which can then be transferred to supported external wallets; once converted, the funds lose their insured deposit status.
- • The product extends SoFi's digital-asset push, following the November 2025 launch of consumer crypto trading, the SoFiUSD rollout, and September 2026 SoFiUSD settlement on Mastercard's network for a card program expected to exceed $25 billion in annualized volume.
Summary
SoFi has launched SoFi Earn (SOFIE), an interest-bearing tokenized deposit designed for customers who hold cash earmarked for cryptocurrency purchases. According to the company's October 22 announcement, the product offers a 4.40% annual percentage yield on eligible funds. The rate is variable and can change. Interest accrues daily and is paid monthly, per SoFi's disclosures.
Each SOFIE token represents $1 in deposits at SoFi Bank, N.A. and carries FDIC protection, generally up to $250,000 per depositor, per insured bank, for each account ownership category. The coverage limit applies across eligible individual deposits held at SoFi Bank, so customers with existing individual checking or savings balances must factor those into their available coverage. Customers can fund SOFIE from SoFi Checking and Savings cash, SoFiUSD, or proceeds from selling supported cryptocurrencies.
SoFi distinguishes SOFIE from SoFiUSD, also known as SOFID, a separate dollar-denominated stablecoin. SOFIE can be converted into SoFiUSD at a one-to-one ratio, after which the stablecoin can be transferred to supported external wallets. Once converted, the funds no longer qualify as SOFIE deposits, and SoFi states that digital assets other than SOFIE are neither bank deposits nor insured by the FDIC or the Securities Investor Protection Corporation. SOFIE itself remains within SoFi's platform rather than circulating on public blockchains. Tokenized deposits are bank liabilities to depositors, whereas stablecoins are tokens designed to hold a value tied to a currency, typically through reserves.
The launch builds on SoFi's digital-asset expansion. The company introduced consumer cryptocurrency trading in November 2025, then launched SoFiUSD. In September 2026, it began settling card transactions in SoFiUSD on Mastercard's payment network, supporting a card program the company expects to exceed $25 billion in annualized volume. Earlier in 2026, SoFi introduced Big Business Banking, which lets corporate customers manage traditional banking services alongside stablecoins and other digital assets.
Each SOFIE token represents $1 in deposits at SoFi Bank, N.A. and carries FDIC protection, generally up to $250,000 per depositor, per insured bank, for each account ownership category. The coverage limit applies across eligible individual deposits held at SoFi Bank, so customers with existing individual checking or savings balances must factor those into their available coverage. Customers can fund SOFIE from SoFi Checking and Savings cash, SoFiUSD, or proceeds from selling supported cryptocurrencies.
SoFi distinguishes SOFIE from SoFiUSD, also known as SOFID, a separate dollar-denominated stablecoin. SOFIE can be converted into SoFiUSD at a one-to-one ratio, after which the stablecoin can be transferred to supported external wallets. Once converted, the funds no longer qualify as SOFIE deposits, and SoFi states that digital assets other than SOFIE are neither bank deposits nor insured by the FDIC or the Securities Investor Protection Corporation. SOFIE itself remains within SoFi's platform rather than circulating on public blockchains. Tokenized deposits are bank liabilities to depositors, whereas stablecoins are tokens designed to hold a value tied to a currency, typically through reserves.
The launch builds on SoFi's digital-asset expansion. The company introduced consumer cryptocurrency trading in November 2025, then launched SoFiUSD. In September 2026, it began settling card transactions in SoFiUSD on Mastercard's payment network, supporting a card program the company expects to exceed $25 billion in annualized volume. Earlier in 2026, SoFi introduced Big Business Banking, which lets corporate customers manage traditional banking services alongside stablecoins and other digital assets.
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