SoFi Launches an Interest-Bearing Tokenized Deposit That Converts Into Its SoFiUSD Stablecoin

SoFi Technologies on Thursday rolled out an interest-bearing tokenized deposit called SoFi Earn, or SOFIE, giving members of its crypto service a place to earn yield on dollars before they move them into its stablecoin.

SoFi called SOFIE the first and only tokenized deposit for consumers issued by a national bank. Each token stands for $1 held at SoFi Bank and carries FDIC insurance up to applicable limits, the company said. SoFi listed a 4.40% annual percentage yield at launch.

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When holders are ready to spend, they swap SOFIE one-for-one into SoFiUSD (SOFID), the bank’s dollar stablecoin, then use it to buy crypto inside the SoFi app or send it to a supported outside wallet at any hour. SOFIE is held through a member’s SoFi Crypto account, and SoFi said access is reaching SoFi Crypto members now through November.

The two tokens are structured differently. SoFi’s disclosures for SoFiUSD state that the stablecoin is not a deposit and is not FDIC-insured, while SOFIE is a deposit account at the bank.

“Too much money in the digital asset ecosystem is sitting idle, leaving massive potential earnings on the table for millions of people,” Anthony Noto, SoFi’s CEO, said in the SOFIE announcement. He added that the product “combines the earning power and protections of a bank deposit with the speed and utility of digital assets.”

To size that idle pool, SoFi pointed to Federal Reserve research that it said puts about $64 billion, or 21.2% of stablecoin supply, in wallets that are inactive, forgotten or rarely used. The 21.2% share matches an April estimate from the Federal Reserve Bank of Kansas City, which sorted stablecoins into trading, transfer, payment and idle uses.

SoFi counts SOFIE as its fifth new crypto product in under a year. The bank began offering crypto trading to consumers in November 2025 and now lists more than 40 coins. It introduced SoFiUSD in December 2025 for internal settlement, then opened it to members on May 27, 2026, saying at the time that it would build a way to convert the stablecoin into tokenized deposits.

SoFi says SoFiUSD now settles its entire card program over Mastercard’s network. In September, Kraken parent Payward agreed to list the stablecoin and join SoFi’s around-the-clock settlement network. SoFi reports 15.8 million members.

Related Listen: Why Banks Failed to Kill Stablecoin Rewards in the Clarity Act

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