SAN FRANCISCO–SoFi Technologies has launched what it says is the first tokenized deposit offered to consumers by a nationally chartered bank, allowing customers to earn interest on digital dollars while retaining the ability to convert those funds into a stablecoin for cryptocurrency purchases and blockchain transactions.
The new product, SoFi Earn (SOFIE), offers a 4.40% annual percentage yield, with each SOFIE representing $1 held on deposit at SoFi Bank. According to the company, the deposits are insured by the Federal Deposit Insurance Corp. up to applicable limits.
The launch marks SoFi’s fifth new cryptocurrency-related offering in less than a year as the company expands its digital banking and blockchain services.
How SoFi Earn Works
According to SoFi, the new product combines the interest-earning features of a traditional bank deposit with the ability to convert funds into digital assets.
Unlike many stablecoins, which do not pay interest and are not FDIC-insured, SoFi Earn is structured as an interest-bearing bank deposit.
The company outlined several features:
- Interest earnings: SOFIE deposits earn 4.40% APY, subject to applicable terms.
- Deposit insurance: Funds held as eligible deposits at SoFi Bank are FDIC-insured up to applicable limits.
- Dollar-for-dollar conversion: Members can convert SOFIE into SoFiUSD at a 1:1 ratio.
- Cryptocurrency purchases: Once converted, SoFiUSD can be used to purchase cryptocurrencies through the SoFi app.
- Around-the-clock transfers: SoFiUSD can be transferred to supported external wallets using blockchain networks 24 hours a day, seven days a week.
SoFi emphasized that SOFIE is a tokenized bank deposit, separate from its SoFiUSD stablecoin. The FDIC coverage applies to eligible bank deposits, not necessarily to funds after conversion into stablecoins or other digital assets.
CEO Sees Opportunity in Idle Digital Assets
“Too much money in the digital asset ecosystem is sitting idle, leaving massive potential earnings on the table for millions of people,” SoFi CEO Anthony Noto said in a statement. “We believe your money should keep working for you until the moment you need it.”
According to SoFi, Federal Reserve research estimates approximately $64 billion, representing 21.2% of the stablecoin market, is held in rarely used, forgotten or inactive wallets.
The company said its new offering is intended to provide an interest-earning alternative for consumers who want to hold digital dollars before using them for transactions or cryptocurrency investments.
As an example, SoFi said a customer planning a future $5,000 cryptocurrency purchase could maintain those funds in a SOFIE deposit account and earn interest until ready to invest.
At that point, the customer could convert the deposit into SoFiUSD and use the stablecoin to purchase cryptocurrency or transfer funds to a supported blockchain wallet.
Fifth Cryptocurrency Offering in Less Than a Year
The launch follows several other initiatives by SoFi aimed at expanding its presence in digital assets and blockchain-based payments.
According to the company, those developments include:
- November 2025: SoFi launched consumer cryptocurrency trading, which it described as the first such offering from a nationally chartered bank. Members can now buy, sell and hold more than 40 cryptocurrencies through SoFi Crypto.
- December 2025: The company introduced SoFiUSD, which it described as the first stablecoin issued by a U.S. national bank, supporting around-the-clock dollar transfers and settlement.
- Earlier in 2026: SoFi introduced Big Business Banking, allowing commercial customers to manage traditional deposits and digital assets through a regulated platform.
- October 2026: The company introduced SoFi Earn, expanding its digital asset services to include interest-bearing tokenized deposits for consumers.
SoFi said its stablecoin is already being used to settle transactions for its entire card program across Mastercard’s global payments network.
The company said the integration demonstrates how blockchain-based payment infrastructure can support transactions beyond cryptocurrency trading.
Rollout Continuing Through November
SoFi said SoFi Earn is being made available to SoFi Crypto members in phases beginning in October, with the rollout continuing through November.
The company said the product is part of its broader strategy to connect traditional banking services with blockchain technology, allowing consumers and businesses to earn interest on deposits while gaining access to digital asset transactions.
SoFi Technologies, which trades on Nasdaq under the ticker SOFI, reported serving 15.8 million members across its banking, lending, investing and cryptocurrency platforms.
