Digital asset firms are pushing to link traditional banking features more directly with crypto activity as regulated products expand in the U.S. SoFi Technologies has introduced an interest-bearing tokenized deposit with FDIC insurance that lets customers move funds into its stablecoin when they want to trade or transfer crypto.
Highlights
- SoFi launched SOFIE, a tokenized deposit product for individual customers, offering a 4.4% annual yield and 1:1 conversion with SoFiUSD stablecoin.
- SOFIE deposits are valued at $1, accrue interest until conversion, and are FDIC-insured up to applicable limits, unlike SoFiUSD.
- SoFi expects to complete SOFIE rollout in November, enhancing its digital asset suite as competition intensifies among regulated crypto services in the U.S.
Product rollout and conversion features
As first reported by The Block, SoFi said the new SoFi Earn product, or SOFIE, offers a 4.4% annual percentage yield and marks what the company describes as the first tokenized deposit offered by a U.S. national bank to individual customers.Each SOFIE is valued at $1 on deposit at SoFi Bank, and members can access the account through SoFi Crypto. Customers can convert SOFIE into the SoFiUSD stablecoin at a 1:1 rate to buy cryptocurrencies or transfer funds to a supported external wallet at any time, according to the company's statement.
Chief Executive Anthony Noto said the product is designed to keep customer funds earning until they are needed for digital asset activity. The deposit continues accruing interest until conversion, while FDIC insurance applies within the relevant limits; SoFiUSD itself is not an FDIC-insured deposit.
Expansion of SoFi's crypto offering
SoFi said it expects to complete the rollout of SOFIE to its crypto members in November, extending a digital asset strategy that has expanded over the past year.The launch follows the company's rollout of consumer crypto trading in November 2025 and the debut of the SoFiUSD stablecoin a month later. In May, SoFi also added SoFiUSD to its consumer app and outlined plans for tokenized deposits, cross-border transfers, and further institutional integrations.
SoFi Crypto now supports trading in more than 40 cryptocurrencies, according to the company. The new deposit product adds a banking-based yield feature to that offering as competition grows around regulated crypto-linked financial services in the U.S.
Our earlier article on SEON’s expansion in the Philippines explained how the fraud-prevention firm is targeting a wider client base—moving beyond fintech to traditional banks, remittance providers, and payments businesses. It highlighted SEON’s partnership with Exist Software Labs as a way to leverage local data and relationships as regulation and digital payments growth increase demand for stronger fraud and compliance tools.
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