SoFi Technologies (NASDAQ: SOFI), the digital financial services company operating as an all-in-one app, announced on October 22, 2026, the debut of SoFi Earn, or SOFIE. The firm describes it as the first tokenized deposit made available to consumers by a nationally chartered U.S. bank.
The product lets eligible members earn interest on dollars held at SoFi Bank, N.A., while retaining the ability to convert those funds quickly for cryptocurrency purchases or on-chain transfers.
Each SOFIE unit corresponds to one U.S. dollar maintained on deposit at the bank.
At launch, the account carries a variable annual percentage yield of 4.40 percent, based on an underlying interest rate of 4.31368 percent as of the October 20, 2026 rate sheet.
Interest accrues daily on the end-of-day balance and compounds monthly, with no minimum balance required.
The rate remains subject to change at the bank’s discretion at any time, and fees can reduce net earnings.
Funds represented by SOFIE qualify for Federal Deposit Insurance Corporation protection under standard rules, up to $250,000 per depositor, per insured bank, for each account ownership category.
Balances are aggregated with any other deposits the customer holds at SoFi Bank in the same ownership category for insurance calculations.
Importantly, these tokenized deposit balances are not currently included in SoFi’s higher-coverage Insured Deposit Program; they stay on the bank’s books as ordinary insured deposits.
The product is structured as a tokenized bank deposit rather than a payment stablecoin.
Members access the SOFIE account through their SoFi Crypto interface.
When they wish to deploy the funds, they can exchange SOFIE one-for-one into SoFiUSD, the company’s bank-issued dollar-backed stablecoin.
From there, SoFiUSD can be used inside the app to buy any of the more than 40 cryptocurrencies available on the platform or sent to supported external wallets over blockchain networks around the clock.
Once converted, the funds leave the deposit account: yield stops and FDIC insurance no longer applies.
SoFiUSD itself is not a bank deposit and carries no FDIC or SIPC protection.
SoFi positions the offering as a response to large amounts of capital that remain unproductive in the digital asset space.
The company cites Federal Reserve research estimating that roughly $64 billion—about 21.2 percent of the stablecoin market—sits in rarely used, forgotten, or inactive wallets.
Many stablecoins do not distribute interest to holders and lack deposit insurance.
Anthony Noto, SoFi’s chief executive, stated that too much money in the digital-asset ecosystem is sitting idle and leaving potential earnings unrealized.
He described SOFIE as combining the earning capacity and protections of a traditional bank deposit with the speed and utility of digital assets, so that funds continue working until the moment they are needed.
The launch continues a rapid expansion of SoFi’s digital money capabilities.
In November 2025 the bank became the first nationally chartered institution to offer consumer crypto trading.
In December 2025 it introduced SoFiUSD, the first stablecoin issued by a U.S. national bank, which is already used for settlement of the company’s card program on the Mastercard network.
Earlier in 2026 the firm rolled out Big Business Banking tools that let companies manage both traditional and digital assets on a single regulated platform.
SOFIE adds an interest-bearing layer specifically for consumers who want their digital dollars to earn while remaining ready for crypto activity.
Rollout to existing SoFi Crypto members is underway and is expected to continue through November.
Full terms appear in the SoFi Bank Tokenized Deposit Account Agreement and the associated rate sheet. Digital assets other than SOFIE are not bank deposits, are not insured by the FDIC or SIPC, involve risk, and may lose value.
