The new SOFIE tokenized deposit allows customers to earn interest on digital dollars before converting them into SoFiUSD for crypto trading and blockchain transfers.
SoFi Technologies has launched an interest bearing tokenized deposit product offering a 4.40% annual percentage yield and federal deposit insurance, expanding its digital asset services for retail customers.
The new product , called SoFi Earn (SOFIE), was announced Thursday and allows customers to earn interest on digital dollars before converting them into stablecoins for crypto purchases or blockchain transfers.
Each SOFIE represents $1 held on deposit at SoFi Bank, with funds eligible for Federal Deposit Insurance Corporation coverage of up to $250,000 per depositor, per insured bank, for each account ownership category.
Unlike conventional stablecoins, which generally do not pay interest directly to holders, SOFIE is structured as a tokenized bank deposit rather than a payment stablecoin.
Customers can convert SOFIE into the bank’s SoFiUSD stablecoin at a 1:1 ratio, allowing them to purchase cryptocurrencies through the SoFi app or transfer funds to supported external wallets around the clock.
The 4.40% APY is variable and subject to change, according to SoFi, with no minimum balance requirement.
The launch follows SoFi’s introduction of its SoFiUSD stablecoin in December 2025, extending the company’s digital asset infrastructure into interest bearing deposits for consumers.
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SoFiUSD, issued by the company’s nationally chartered bank, supports blockchain payments and settlement but does not itself pay interest or qualify for FDIC deposit insurance.
By separating the interest bearing deposit from the payment stablecoin, SoFi allows customers to earn returns while holding funds at the bank before converting them into digital assets for transactions.
The distinction also comes as US regulators implement the GENIUS Act, which prohibits payment stablecoin issuers from paying interest or yield directly to holders.
SoFi CEO Anthony Noto said the product addresses the amount of capital sitting idle in digital asset wallets, allowing users to earn interest until they are ready to deploy their funds.
The company cited Federal Reserve research estimating that approximately $64 billion, representing 21.2% of the stablecoin market, sits in rarely used or inactive wallets.
SoFi has expanded its crypto offerings over the past year, including the return of consumer crypto trading in November 2025 and the introduction of SoFiUSD the following month.
The bank also launched Big Business Banking earlier this year, allowing corporate clients to manage traditional deposits, stablecoins and digital assets through a single platform.
SoFiUSD is also being used to settle the company’s card program through Mastercard ’s payments network, extending blockchain infrastructure into traditional payment operations.
SoFi Earn marks the company’s fifth crypto product launch in less than a year and is rolling out to SoFi Crypto members through November.