SoFi has introduced SOFIE, a tokenized deposit product issued through its subsidiary, SoFi Bank, N.A. The asset is designed as a deposit liability, meaning it represents funds owed by the bank to the customer, similar to a standard checking account balance.
Balances held in SOFIE qualify for FDIC insurance up to standard limits, though this coverage is aggregated with other deposits held at the bank. The product is not eligible for the company's broader Insured Deposit Program, which distributes funds across partner banks.
As of October 20, 2026, SOFIE offers a variable yield of 4.40% APY. The product functions alongside SoFiUSD, a payment stablecoin with the ticker SOFID, which is redeemable 1:1 for US dollars but does not carry FDIC insurance.
Users can convert funds between SOFIE and SoFiUSD within the SoFi application. While SOFIE is intended for conservative saving with federal protection, SoFiUSD is positioned for users seeking stablecoin flexibility without deposit insurance.
