SoFi's New Tokenized Deposit Pays 4.40% and Converts to SoFiUSD

Most crypto apps leave your spare dollars sitting there, doing nothing until you decide what to buy. SoFi's newest product changes that. On October 22, the company launched SoFi Earn (SOFIE), a tokenized deposit that pays interest on cash parked in its crypto app.

SoFi calls it the first and only national bank-issued tokenized deposit for consumers. It's also the company's fifth new crypto offering in less than a year.

How a SOFIE Token Works

A tokenized deposit is an ordinary bank deposit recorded as a digital token. Each SOFIE represents $1 held on deposit at SoFi Bank, earning a 4.40% annual percentage yield (APY).

That rate is variable and can change at any time. SoFi says it was current as of October 20, there's no minimum balance, and fees may reduce earnings.

Because SOFIE is a deposit liability of SoFi Bank, N.A., it carries FDIC insurance. Coverage runs up to $250,000 per depositor, per insured bank, for each account ownership category under the FDIC's standard rules.

Members hold SOFIE in a separate deposit account, which they reach through their SoFi Crypto account.

The Handoff to SoFiUSD

The interesting design choice is what happens when you're ready to spend. SOFIE converts 1:1 into SoFiUSD, the stablecoin SoFi already issues.

From there, the SoFiUSD can buy crypto directly in the SoFi app or go to a supported external wallet over blockchain rails, 24 hours a day.

So the product splits two jobs between two tokens. SOFIE waits and earns. SoFiUSD moves. SoFi is explicit that SOFIE is not a payment stablecoin.

That split comes with a tradeoff worth knowing. SoFi's own disclosure says digital assets other than SOFIE are not FDIC insured. SoFiUSD is one of those digital assets, so the insurance applies while your dollars sit as SOFIE, not once they've become a stablecoin.

The Pitch: Idle Dollars

SoFi is selling this as a fix for money that does nothing.

"Too much money in the digital asset ecosystem is sitting idle, leaving massive potential earnings on the table for millions of people," said Anthony Noto, SoFi's CEO.

The company backs the point with Fed research it cites, estimating that about $64 billion, or 21.2% of the stablecoin market, sits in rarely used, forgotten or inactive wallets.

Fifth Crypto Launch in Under a Year

SOFIE fits a fast run of crypto releases from the bank:

• November 2025: SoFi launched consumer crypto trading, calling itself the first and only nationally chartered bank to do so. Members can trade more than 40 cryptocurrencies.
• December 2025: SoFi launched SoFiUSD (SOFID), which it describes as the first stablecoin issued by a US national bank. It now settles SoFi's entire card program over Mastercard.
• October 2026: SOFIE adds an interest-bearing layer in front of that stablecoin.

SoFi says it has 15.8 million members, though SOFIE is only for those using SoFi Crypto.

Rollout Runs Through November

SoFi Earn is rolling out to SoFi Crypto members now through November, so not everyone will see it yet.

For anyone weighing the 4.40% headline rate, the detail that matters is in the fine print. The rate is variable, and SoFi warns that fees may cut into what you earn. Its account terms will show how far.