SoFi’s Fifth Crypto Product in a Yr Pays 4.40% APY
SoFi launched SoFi Earn (SOFIE) on October 22, a tokenized financial institution deposit that pays a 4.40% APY and carries FDIC safety, the corporate stated in a publish on X. SoFi referred to as it the first-ever financial institution deposit token for SoFi Crypto.
Every SOFIE token stands for $1 held on deposit at SoFi Financial institution. For on-chain use, holders swap the token at a one-to-one charge for SoFiUSD, the financial institution’s stablecoin. Chief government Anthony Noto stated the product combines “the incomes energy and protections of a financial institution deposit with the velocity and utility of digital belongings.”
The launch is the fifth crypto product SoFi has rolled out in beneath a 12 months. SoFi reportedly resumed retail crypto buying and selling in late 2025 after pulling out of that line earlier, which the financial institution says made it the primary U.S. financial institution with a nationwide constitution to serve retail crypto prospects. Its SoFiUSD stablecoin, issued on Ethereum and Solana, reportedly settles the financial institution’s card program over Mastercard’s community, and SoFi Crypto reportedly gives buying and selling in additional than 40 tokens. SoFi can be not the one fintech heading to the banking regulator: Ramp has utilized to the OCC for a nationwide belief financial institution constitution to custody digital belongings.
The pitch targets cash sitting nonetheless. SoFi pointed to Federal Reserve analysis it cited at launch placing roughly $64 billion in stablecoins, about one-fifth of that market, in wallets nobody touches anymore. Odd stablecoins pay no curiosity and carry no deposit insurance coverage, whereas SOFIE gives each. SoFi has not stated which blockchain SOFIE is issued on.
SoFi lists the 4.40% APY as a promotional charge, that means it could actually change.
