SoFi Technologies is offering SoFi Earn (SOFIE), a product that enables consumers to earn an annualized yield of 4.40% on tokenized dollar deposits. The funds remain available for cryptocurrency purchases and blockchain transfers, carry FDIC insurance up to applicable limits and can be converted into SoFiUSD at a 1:1 ratio. Varun Datta, founder and CEO of Truth Ventures, said the launch is increasing competition between banks and stablecoin issuers. He argued that payment adoption also requires lower costs, reliable transfers and practical ways to spend funds, while startups could connect bank accounts and wallets to facilitate cross-border payments.
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