SoFi Launches Tokenized Deposit That Earns 4.4% and Converts to a Stablecoin
Summary
SoFi launched SoFi Earn (SOFIE), a tokenized deposit representing dollars held at SoFi Bank. It pays 4.40% APY and is FDIC-insured up to applicable limits. Customers can convert SOFIE one-to-one into SoFiUSD, SoFi’s stablecoin, to buy crypto or transfer funds over blockchain networks. The product is intended to let users earn interest on digital dollars while retaining blockchain access, expanding SoFi’s growing crypto and digital-money offerings.
