SoFi Technologies launched SoFi Earn, a tokenized bank deposit offering a variable annual yield of 4.40% with no minimum balance requirement. Each SOFIE token represents $1 deposited with SoFi Bank and can be converted one-for-one into SoFiUSD, the bank’s dollar-pegged stablecoin, to buy crypto through the SoFi app or send funds to supported external wallets. SOFIE deposits are covered by the Federal Deposit Insurance Corporation up to $250,000 per depositor, per insured bank and per account ownership category, while SoFiUSD is not FDIC-insured. The rollout to SoFi Crypto members is continuing through November.
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