SoFi launches tokenized bank deposit offering 4.40% APY

SoFi Technologies has launched an interest-bearing tokenized deposit for consumers, offering 4.40% annual percentage yield (APY) and federal deposit insurance through its nationally chartered bank. SoFi has launched SOFIE, a consumer tokenized deposit offering 4.40% APY through its nationally chartered bank. Each SOFIE represents $1 deposited at SoFi Bank, with FDIC insurance subject to standard coverage limits. Customers can convert SOFIE into SoFiUSD at a 1:1 ratio before buying cryptocurrencies or transferring funds. SoFi Earn is separate from the bank's stablecoin, which does not carry the same deposit insurance protections.