SoFi Technologies has launched SoFi Earn (SOFIE), which it describes as the first national bank-issued tokenized deposit for consumers. Announced Thursday, each SOFIE token represents $1 held on deposit at SoFi Bank. Holders earn 4.40% annual percentage yield, and the underlying deposits are FDIC-insured up to applicable limits, a key distinction from ordinary stablecoins, which generally pay no interest and lack deposit insurance.
Customers can convert SOFIE one-to-one into SoFiUSD, SoFi's stablecoin, and then use it to buy cryptocurrencies in the SoFi app or move dollars over blockchain rails around the clock. SoFi cited Federal Reserve research estimating that roughly $64 billion, or about 21% of the stablecoin market, sits idle in forgotten or inactive wallets. CEO Anthony Noto said: "Too much money in the digital asset ecosystem is sitting idle, leaving massive potential earnings on the table for millions of people. We believe your money should keep working for you until the moment you need it."
The launch is SoFi's fifth crypto product in under a year. The company returned to consumer crypto trading in late 2025, becoming the first nationally chartered U.S. bank to offer it, and now supports trading in more than 40 cryptocurrencies. SoFiUSD launched a month later as the first stablecoin issued by a U.S. national bank, across Ethereum and Solana. In September, SoFi began settling card transactions using SoFiUSD on Mastercard's global payments network, with the card program expected to exceed $25 billion in annualized volume. SoFi expects to finish rolling out SOFIE to its crypto members in November.
