Overview
- SoFi announced SoFi Earn, called SOFIE, on Oct. 22 and set a variable 4.40% APY for the new consumer tokenized deposit.
- Each SOFIE token represents $1 held at SoFi Bank and can be converted one‑for‑one into the bank’s SoFiUSD stablecoin.
- SOFIE cannot currently be sent to external wallets or other people, customers do not receive private keys, and funds leave only by redemption to linked SoFi accounts or by conversion into SoFiUSD.
- SOFIE balances qualify for FDIC insurance up to standard limits and are aggregated with other SoFi Bank deposits against the $250,000 per‑depositor coverage; the tokens are excluded from SoFi’s expanded multi‑bank insured deposit program.
- SoFi is using a regulatory gap created by the GENIUS Act that bars interest on payment stablecoins to offer yield on bank deposits, and key signals to watch are total SOFIE outstanding on‑chain, any decision to enable direct token transfers, and customer adoption compared with exchange‑held stablecoin balances.