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 mentioned in a submit on X. SoFi known 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 fee for SoFiUSD, the financial institution’s stablecoin. Chief govt Anthony Noto mentioned the product combines “the incomes energy and protections of a financial institution deposit with the pace and utility of digital property.”
The launch is the fifth crypto product SoFi has rolled out in beneath a yr. 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 clients. Its SoFiUSD stablecoin, issued on Ethereum and Solana, reportedly settles the financial institution’s card program over Mastercard’s community, and SoFi Crypto reportedly provides buying and selling in additional than 40 tokens. SoFi can also 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 property.
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. Abnormal stablecoins pay no curiosity and carry no deposit insurance coverage, whereas SOFIE provides each. SoFi has not mentioned which blockchain SOFIE is issued on.
SoFi lists the 4.40% APY as a promotional fee, which means it could actually change.
