SoFi Technologies has introduced SoFi Earn (SOFIE), a tokenized bank deposit product for retail customers. The offering provides a 4.40% variable annual percentage yield and is backed by federal deposit insurance of up to $250,000 per depositor.
Each SOFIE token represents $1 held at SoFi Bank. Users can convert these tokens into the company's SoFiUSD stablecoin at a 1:1 ratio to facilitate cryptocurrency purchases or external wallet transfers. Unlike standard stablecoins, SOFIE is structured as a bank deposit to comply with the GENIUS Act.
The product aims to capture capital currently held in inactive digital asset wallets. According to Federal Reserve research cited by SoFi, approximately $64 billion, or 21.2% of the stablecoin market, remains idle in such accounts.
This launch represents the company's fifth crypto-related product in under a year. The rollout to SoFi Crypto members is scheduled to continue through November, following the introduction of SoFiUSD in December 2025.
