SoFi Launches Earn SOFIE Tokenized Deposit at 4.40% APY With FDIC Cover
By Crypto Wire
October 22, 2026
SoFi Technologies on October 22, 2026 launched SoFi Earn (SOFIE), which it calls the first national bank-issued tokenized deposit for consumers. Each SOFIE represents $1 held on deposit at SoFi Bank, N.A., with a variable 4.40% APY current as of October 20, 2026 and FDIC insurance up to applicable limits ($250,000 per depositor, per insured bank, per ownership category), per the company newsroom and Decrypt. Members can convert SOFIE 1:1 into SoFiUSD to buy crypto in-app or move dollars onchain 24/7. This is a Stablecoin Settlement Desk chapter: the earn-to-rail handoff — not a new freestanding payment stablecoin mint.
SoFi’s own disclosures draw a hard line: SOFIE is not a payment stablecoin; it is a tokenized deposit liability of SoFi Bank, Member FDIC. Digital assets other than SOFIE remain uninsured and can lose value. The pitch targets idle digital dollars — SoFi cites Fed research putting roughly $64 billion (~21.2% of the stablecoin market) in rarely used or inactive wallets — and CEO Anthony Noto framed the product as combining bank deposit earnings/protections with digital-asset speed. No minimum balance; APY can change; fees may reduce earnings.
Stack context only: SoFi positions Earn as its fifth crypto offering in under a year after consumer crypto trading (Nov 2025, 40+ tokens), SoFiUSD on Ethereum and Solana (Dec 2025) settling the card program over Mastercard, and Big Business Banking earlier in 2026. Keep this file separate from SoFi Mastercard SoFiUSD card-settlement chapters and from the Vantage/Rio interbank Hazel/Avit remittance — different counterparties, different product type (consumer tokenized deposit vs bank-to-bank participation payment).
For settlement desks, the useful cut is the corridor design: earn on an FDIC-eligible bank deposit token, then flip 1:1 into SoFiUSD when you need onchain spend or transfer — not “stablecoin yield” in the GENIUS interest-ban sense.
Settlement watch: Watch SoFi’s next dated note on SOFIE availability across Crypto members, any APY change off the Oct 20 print, and whether SoFiUSD mint/redeem volume rises after Earn conversions — not price action on SOFI equity.
Bottom line: SoFi Earn (SOFIE) is live — a national-bank tokenized deposit at 4.40% APY with FDIC cover, convertible 1:1 into SoFiUSD for onchain spend.
Disclaimer: This article is provided for informational and educational purposes only. It does not constitute financial, investment, legal, or trading advice. The cryptocurrency and NFT markets are highly volatile, and past performance is not indicative of future results. Readers should conduct their own research and consult qualified professionals before making any decisions related to digital assets. The cover image for this article may have been created using artificial intelligence (AI).
