SoFi unveils bank-issued tokenized deposit for yield-bearing crypto funds
Summary
SoFi launched SOFI Earn (SOFIE), offering a variable 4.4% APY on tokenized bank deposits with no minimum balance. Each token represents $1 deposited at SoFi Bank and can be converted one-for-one into SoFiUSD for crypto purchases or transfers to supported wallets. SOFIE deposits are eligible for FDIC coverage up to applicable limits; SoFiUSD is not insured. The feature is rolling out to SoFi Crypto members through November.
