SoFi has introduced a new tokenized deposit product, SoFi Earn, which trades under the ticker SOFIE. Each token is pegged to $1 held in a SoFi Bank account. The product offers an annual percentage yield of 4.40% and is insured by the FDIC, distinguishing it from traditional stablecoins that typically lack such protections.
Users can convert SOFIE tokens into SoFiUSD, the bank's own stablecoin, at a one-to-one ratio. This conversion allows customers to purchase cryptocurrencies directly within the SoFi application or transfer funds across blockchain networks at any time. The bank aims to capture funds currently sitting idle in inactive digital wallets.
According to SoFi, Federal Reserve research indicates that approximately $64 billion, or 21% of the stablecoin market, remains inactive. CEO Anthony Noto stated that the product is designed to provide the benefits of bank deposits alongside the utility of digital assets. This launch marks the fifth crypto-related product from the company in less than a year.
SoFi resumed crypto trading services in late 2025 and currently supports over 40 tokens. The company previously launched SoFiUSD on the Ethereum and Solana blockchains, which is now utilized to settle its card program via the Mastercard network. This initiative is part of a broader strategy to integrate regulated banking products with blockchain technology.
