Overview
- SoFi announced on Thursday, October 22, 2026, that it is offering SoFi Earn (SOFIE), a consumer tokenized deposit that represents $1 of a SoFi Bank deposit and pays a variable 4.40% annual percentage yield.
- SOFIE balances are FDIC‑insured up to standard limits and are aggregated with a customer’s other SoFi Bank deposits so the token is excluded from SoFi’s $3 million insured deposit program.
- Customers can convert SOFIE one-to-one into SoFiUSD for crypto purchases or blockchain transfers but SOFIE cannot currently be sent to external wallets, customers do not receive private keys, and conversion legally redeems the deposit which ends FDIC coverage.
- SoFi will roll out SOFIE to eligible SoFi Crypto users through November 2026 and observers say two key signals of success will be the public on‑chain outstanding SOFIE supply and whether SoFi enables direct transfers between users.
- The launch follows the 2025 GENIUS Act ban on paying interest from payment stablecoins and gives crypto users a way to earn interest with federal protection while reducing the token’s on‑chain fungibility compared with public stablecoins.