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Simon Taylor: SoFi launches deposit token paying 4.4% and linked to stablecoin

Simon Taylor: SoFi launches deposit token paying 4.4% and linked to stablecoin
SoFi launches 4.4% deposit token

SoFi has launched a bank deposit token called SoFi Earn (SOFIE), which pays 4.4% interest and can be swapped into its stablecoin at any time. The announcement came one day after the OCC finalized the GENIUS Act rules.

Simon Taylor, co-founder of 11:FS, shared this development and described the token as being held as a deposit at SoFi Bank. Taylor also commented positively on the name of the product.

Taylor has recently commented on developments in digital banking and stablecoins. Earlier, he reported on how the use of consumer refund agents may increase sale costs for retailers. He also covered Rain’s launch of embedded stablecoin wallets and its application to the OCC for a national trust bank.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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