SoFi has launched SoFi Earn, a product featuring the tokenized deposit SOFIE, which represents one dollar held at SoFi Bank and advertises a 4.40% annual percentage yield, subject to eligibility requirements and changing rate terms. Customers can convert SOFIE into the SoFiUSD stablecoin at a one-to-one ratio to make blockchain transfers. Eligible underlying deposits carry federal deposit insurance within applicable limits, but this protection does not automatically extend to tokens, wallets or transactions on a public blockchain. SoFi is positioning the product as an interest-bearing alternative to non-interest-bearing crypto wallets while reducing friction between traditional banking accounts and digital assets.
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