SoFi Technologies has launched SoFi Earn (SOFIE), a tokenised deposit that pays consumers a 4.4% annual percentage yield and is covered by Federal Deposit Insurance Corporation insurance.
The company said the product represents the first time a US national bank has made tokenised deposits available to individual customers.
Each SOFIE token represents $1 held on deposit with SoFi Bank. Customers can access the account through SoFi Crypto and exchange SOFIE for SoFiUSD, the bank’s stablecoin, at a 1:1 rate.
That allows users to buy cryptocurrencies or transfer funds to a supported external wallet at any time, seven days a week, SoFi said in a statement shared with The Block on Thursday.
“Too much money in the digital asset ecosystem is sitting idle, leaving massive potential earnings on the table for millions of people,” said SoFi chief executive Anthony Noto.
“We believe your money should keep working for you until the moment you need it. SoFi Earn combines the earning power and protections of a bank deposit with the speed and utility of digital assets, giving people more value, flexibility, and control over their money.”
Interest continues to accrue on a SOFIE deposit until the token is converted. The deposit is eligible for FDIC insurance within the applicable limits, while SoFiUSD does not have FDIC-insured deposit status, in line with other stablecoins.
SoFi said it expects to complete the rollout of SOFIE to its crypto customers in November.
SoFi expands crypto services
The new deposit product follows SoFi’s launch of consumer cryptocurrency trading in November 2025. The company introduced its SoFiUSD stablecoin the following month and made it available through its consumer app in May.
At that time, SoFi also set out plans for tokenised deposits, cross-border transfers and further integrations with institutional customers.
SoFi Crypto currently supports trading in more than 40 cryptocurrencies, according to the company.
In September, the bank began settling card transactions with SoFiUSD through Mastercard’s global payments network. SoFi said the card programme was expected to surpass $25 billion in annualised volume.
The company also launched Big Business Banking earlier this year. The service allows businesses to manage fiat currency and cryptocurrencies on a single regulated platform.
