Key facts
- SoFi Earn tokens represent $1 on deposit at SoFi Bank.
- The product offers a 4.40% APY and FDIC insurance for deposits.
- SoFiUSD is the bank's dollar-pegged stablecoin.
- SOFIE deposits are FDIC-insured up to $250,000 per depositor.
- SoFiUSD does not carry FDIC insurance.
SoFi Bank launched SoFi Earn (SOFIE) on Thursday, a tokenized deposit product offering a variable 4.40% annual percentage yield. Each SOFIE token represents $1 deposited at SoFi Bank and is FDIC-insured up to $250,000 per depositor. Customers can convert SOFIE one-to-one into SoFiUSD, the bank's dollar-pegged stablecoin, to purchase crypto within the SoFi app or send funds to external wallets. The product aims to attract idle digital dollars by providing interest and bank-grade protections. SoFiUSD itself does not carry FDIC insurance. The rollout is occurring through November for SoFi Crypto members.