SoFi launches tokenized bank deposits offering 4.4% yield and FDIC insurance

The new SOFIE tokenized deposit allows customers to earn interest on digital dollars before converting them into SoFiUSD for crypto trading and blockchain transfers. SoFi Technologies has launched an interest bearing tokenized deposit product offering a 4.40% annual percentage yield and federal deposit insurance, expanding its digital asset services for retail customers. The new product , called SoFi Earn (SOFIE), was announced Thursday and allows customers to earn interest on digital dollars before converting them into stablecoins for crypto purchases or blockchain transfers. Each SOFIE represents $1 held on deposit at SoFi Bank, with funds eligible for Federal Deposit Insurance Corporation coverage of up to $250,000 per depositor, per insured bank, for each account ownership category.

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