SoFi Technologies launched SoFi Earn (SOFIE) on October 22, 2026, introducing the first consumer tokenized deposit issued by a national U.S. bank. Offering a 4.40% APY and FDIC insurance, each SOFIE token represents $1 at SoFi Bank and converts 1:1 into the non-yielding SoFiUSD stablecoin for 24/7 crypto trading or blockchain transfers. Targeting an estimated $64 billion in idle stablecoins, SOFIE marks SoFi's fifth crypto product in less than a year alongside its Mastercard settlement network.
Launch of SOFIE tokenized deposit
- ▪SoFi Technologies described SoFi Earn (SOFIE) as the first consumer tokenized deposit issued by a nationally chartered U.S. bank.
- ▪SoFi Technologies launched SoFi Earn (SOFIE) on October 22, 2026, offering retail consumers a tokenized bank deposit with a 4.40% APY and FDIC deposit insurance.
- ▪SoFi Technologies is rolling out SOFIE gradually to its crypto members through November 2026.
- ▪Each SOFIE token represents $1 held on deposit at SoFi Bank, N.A. and is eligible for standard FDIC insurance coverage up to $250,000 per depositor.
Targeting idle capital in crypto
- ▪Federal Reserve research cited by SoFi Technologies estimates that $64 billion, representing 21.2% of the stablecoin market, sits in inactive or rarely used wallets.
- ▪SoFi CEO Anthony Noto stated that SOFIE addresses idle capital in the digital asset ecosystem by combining bank deposit yield and protections with digital asset speed.
Integration with SoFiUSD stablecoin
- ▪SoFi Crypto members can convert SOFIE tokens into the SoFiUSD stablecoin at a 1:1 ratio to transfer funds 24/7 or trade more than 40 cryptocurrencies inside the SoFi application.
- ▪SOFIE is an FDIC-insured bank deposit liability earning a 4.40% APY, whereas SoFiUSD is a payment stablecoin that earns no interest and carries no FDIC insurance.
SoFi's recent crypto product expansion
- ▪SoFi Technologies resumed consumer cryptocurrency trading in November 2025 as the first nationally chartered U.S. bank to offer retail crypto trading.
- ▪SOFIE represents the fifth crypto-related product launched by SoFi Technologies in under a year.
- ▪SoFi Technologies launched the bank-issued SoFiUSD stablecoin in December 2025 and brought it to consumer banking app users in May 2026.
- ▪In September 2026, SoFi Technologies began settling its $25 billion annualized card program using SoFiUSD on Mastercard's global payments network.
- ▪SoFi Technologies launched Big Business Banking in April 2026, allowing corporate clients to manage fiat and crypto assets on a single regulated platform.
Regulatory context for tokenized deposits
- ▪Tokenized bank deposits operate within the U.S. banking system with FDIC insurance but require both transacting parties to hold account relationships with the issuing bank.
- ▪Payment stablecoins like USDC are backed 1-to-1 by U.S. dollars or Treasuries and transfer to any crypto wallet globally, but exist outside the U.S. banking system without FDIC protection.
- ▪The U.S. GENIUS Act prohibits payment stablecoin issuers from paying interest or yield directly to holders, leading banks to separate yield-bearing deposits from non-yielding stablecoins.
U.K. tokenized deposit initiatives
- ▪Major U.K. banks including Lloyds, NatWest, Barclays, and HSBC tested interbank tokenized deposit transfers under the Great British Tokenized Deposit project in September 2026.
- ▪In April 2026, United Kingdom policymakers signaled plans to update payment regulations so stablecoins and tokenized deposits can operate under a single rulebook.
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