SoFi Launches Tokenized Deposit SOFIE With 4.40% Yield and Stablecoin Conversion

SoFi on Thursday launched SoFi Earn, a tokenized deposit product trading under the ticker SOFIE, with each token backed by $1 held at SoFi Bank and earning a 4.40% annual percentage yield. The funds are FDIC-insured up to applicable limits, distinguishing the product from conventional stablecoins. Holders can convert SOFIE one-to-one into SoFiUSD, the bank's stablecoin, to buy crypto in the SoFi app or move dollars over blockchain rails around the clock. SoFi cited Federal Reserve research estimating roughly $64 billion, or about 21% of the stablecoin market, sits idle in inactive wallets. "Too much money in the digital asset ecosystem is sitting idle," CEO Anthony Noto said, describing the product as combining bank deposit protections with digital asset utility. SoFi Earn is the company's fifth crypto product in under a year, following its late-2025 return to crypto trading and the launch of SoFiUSD across Ethereum and Solana.