SoFi launched a tokenized bank deposit with a variable 4.40% annual percentage yield for users of its crypto service, offering an interest-bearing option while customers keep funds at the bank.
The company describes each SOFIE unit as linked to a $1 deposit at SoFi Bank. The 4.40% APY applied as of Oct. 20, and SoFi may change the rate at any time. Customers can begin without an opening balance threshold, though account charges may reduce what they earn. SoFi said availability will reach additional SoFi Crypto members during November.
SOFIE cannot be sent directly over a blockchain. Customers who want to move value on-chain must first exchange it for SoFiUSD or another transferable crypto asset, according to SoFi's help materials. After an exchange, the balance no longer qualifies as SOFIE. SoFi says SoFiUSD pays no interest and does not have Federal Deposit Insurance Corp. (FDIC) coverage; digital assets other than SOFIE are not deposits and may lose value. The arrangement leaves funds in deposit status only while they remain in SOFIE.
SoFi says SOFIE balances qualify for deposit insurance up to $250,000. That ceiling applies alongside any other individual deposit accounts a customer holds at SoFi Bank.
The product comes as federal rules for payment stablecoins are due to take effect. The GENIUS Act bars permitted U.S. payment stablecoin issuers and foreign payment stablecoin issuers from paying holders interest or yield solely for holding, using or retaining the tokens. SoFi describes SOFIE as a deposit token rather than a payment stablecoin. The Office of the Comptroller of the Currency (OCC) says the Act and its implementing rule are scheduled to take effect Jan. 18, 2027.
SoFi CEO Anthony Noto told Reuters the company sees current crypto participants as the intended audience, particularly users who want a return on cash they might transfer later.
