SOFIE enters the chat: SoFi’s 4.4% tokenized deposit targets $64 billion in idle stablecoins

SoFi Technologies launched SoFi Earn (SOFIE) on Thursday, introducing what the company calls the first national bank-issued tokenized deposit for consumers. The product offers a variable 4.4% annual percentage yield, has no minimum balance requirement and represents $1 per token in deposits held at SoFi Bank. SoFi said SOFIE will roll out to SoFi Crypto members through November, who can access the separate SOFIE deposit account through their SoFi Crypto account.

Each SOFIE can be converted one-for-one into SoFiUSD, SoFi Bank’s dollar-pegged stablecoin, for buying crypto in the SoFi app or sending funds to supported external wallets over blockchain rails around the clock. SOFIE deposits qualify for Federal Deposit Insurance Corporation coverage up to $250,000 per depositor, per insured bank, for each account ownership category; SoFiUSD carries no FDIC insurance.

SoFi cited Federal Reserve research estimating that roughly $64 billion, or about 21% of the stablecoin market, sits idle in forgotten or inactive wallets despite stablecoins often offering no interest or deposit insurance. “Too much money in the digital asset ecosystem is sitting idle,” CEO Anthony Noto said in a statement, arguing the product combines “the earning power and protections of a bank deposit with the speed and utility of digital assets.”

On Wednesday, the San Francisco-based fintech said SoFiUSD was available inside the SoFi app for members to buy, sell, hold and convert, making SoFi the first U.S. national bank to make a bank-issued stablecoin available directly within a consumer banking app. SoFiUSD, the first stablecoin issued by a U.S. national bank, launched across Ethereum and Solana and now settles SoFi’s entire card program over Mastercard’s network. SoFi returned to crypto trading in late 2025 after exiting the business years earlier, becoming the first nationally chartered U.S. bank to offer it to consumers, and members can now trade more than 40 tokens. SoFi Earn is the company’s fifth crypto product rolled out in under a year.

The tokenized deposit follows SoFi’s launch of business banking for digital assets and a stablecoin tie-up involving cryptocurrency exchange Kraken. On Wednesday, the US Office of the Comptroller of the Currency issued a final rule covering payment stablecoin issuance and some custody activities, with the GENIUS Act framework taking effect in mid-January. Cointelegraph reported in May that SoFi planned to introduce interest-bearing tokenized deposits when it made SoFiUSD available through its consumer banking app; at the time, the company said the feature would follow in the coming weeks.