Overview
- SoFi announced the product on Thursday, October 22, 2026, and is rolling SOFIE out to eligible SoFi Crypto members through November.
- Each SOFIE unit represents $1 on deposit at SoFi Bank and earns a variable 4.40% APY that SoFi says can change at any time.
- SOFIE balances are treated as bank deposits and are eligible for FDIC insurance up to standard limits but those limits are aggregated with other SoFi Bank deposits.
- Customers cannot send SOFIE to external wallets or receive private keys under current terms and must redeem or convert deposits into SoFiUSD to move funds on public blockchains.
- The launch follows SoFi’s recent stablecoin and crypto product push and responds to rules that bar payment stablecoin issuers from paying interest, which may shift idle digital‑dollar balances into bank‑issued tokenized deposits.