Key Notes
- SOFIE represents a dollar deposit at SoFi Bank and advertises a variable 4.40% APY.
- FDIC coverage follows standard limits and does not extend to SoFiUSD.
- Members can convert SOFIE 1:1 to SoFiUSD as access rolls out through November.
SoFi has launched SoFi Earn, or SOFIE, a consumer tokenized deposit offering a variable 4.40% annual percentage yield and eligibility for federal deposit insurance. The product connects an interest-bearing bank balance with the company’s cryptocurrency service.
Each SOFIE represents $1 deposited at SoFi Bank. In its October 22 announcement, SoFi described the offering as the first and only consumer tokenized deposit issued by a U.S. national bank. Access is rolling out to SoFi Crypto members through November.
A Bank Deposit Before the Crypto Purchase
Customers access their SOFIE deposit account through SoFi Crypto. When they want to buy cryptocurrency or transfer money onchain, they can convert SOFIE at a one-to-one rate into SoFiUSD, the bank’s separate dollar stablecoin.
SoFiUSD can then be used to buy crypto in the SoFi app or sent to a supported external wallet over blockchain rails around the clock. The announcement describes that conversion as the route to onchain transfers; it does not say SOFIE itself can be freely transferred to any wallet.
The distinction separates earning on a bank deposit from moving a payment stablecoin. SOFIE is explicitly not a payment stablecoin, according to SoFi’s disclosures. Its advertised deposit yield and insurance terms should not be read as benefits of holding SoFiUSD.
What the Yield and Insurance Cover
The quoted 4.40% APY is current as of October 20 and can change at any time. There is no minimum balance requirement, and fees may reduce earnings. The rate is an annualized yield, rather than a promised fixed return for a particular holding period.
Funds represented by SOFIE are eligible for Federal Deposit Insurance Corporation coverage up to $250,000 per depositor, per insured bank, for each account ownership category. The standard limit applies across deposits in the same ownership category at SoFi Bank; opening a SOFIE account does not create a separate insurance allowance.
SoFi’s disclosures exclude its other digital assets from FDIC insurance. Converting the bank deposit into SoFiUSD therefore changes the product being held, rather than extending the deposit’s insurance to a stablecoin or a subsequent crypto purchase.
Consumer Access Joins the Tokenized Deposit Market
The consumer rollout follows other banks’ work on digital representations of deposits. CoinScreamer recently covered JPM Coin expanding to Ethereum for institutional payments. That offering serves approved institutional counterparties, while SoFi is introducing an interest-bearing deposit to its consumer crypto members.
SoFi says the new account adds to a digital-money business that already includes crypto trading and SoFiUSD settlement. Its announcement does not identify a blockchain or contract address for SOFIE, and the staged rollout means availability is not universal on launch day.
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