SoFi Bank has launched a tokenized deposit product that combines a variable yield with round-the-clock access to crypto transfers, giving customers a new way to move money between traditional bank deposits and digital assets.
How SoFi Earn works
SoFi Earn, represented by the token SOFIE, pays a variable annual percentage yield of 4.40%, according to SoFi Technologies. There is no minimum balance requirement. Each SOFIE token corresponds to $1 held at SoFi Bank.
Customers can exchange SOFIE for SoFiUSD on a one-for-one basis. SoFiUSD is the bank’s dollar-pegged stablecoin, designed to maintain a value linked to the US dollar. Once converted, it can be used to purchase crypto through SoFi’s app or transferred to supported external wallets.
The product is being introduced to SoFi Crypto members through November. Users access the separate SOFIE deposit account through their existing SoFi Crypto account. According to Cointelegraph, the launch follows SoFi’s earlier plan to offer interest-bearing tokenized deposits after making SoFiUSD available through its consumer banking application.
Deposit protection differs from stablecoin protection
SoFi said SOFIE deposits are eligible for Federal Deposit Insurance Corporation coverage of up to $250,000 per depositor, per insured bank, for each account ownership category. That protection applies to the bank deposit represented by SOFIE.
SoFiUSD does not carry FDIC insurance. The distinction is important because the two assets serve different functions: SOFIE represents funds held as a bank deposit, while SoFiUSD is the token used for crypto purchases and transfers. Converting between them therefore changes the protection attached to the funds.
The ability to convert SOFIE into SoFiUSD at any time is intended to connect the yield-bearing deposit with crypto markets that operate continuously. The source material does not specify whether the 4.40% rate will remain unchanged; it describes the annual percentage yield as variable.
Regulatory backdrop
The launch comes as US rules for parts of the digital-asset market are developing. On Wednesday, the Office of the Comptroller of the Currency issued a final rule covering the issuance of payment stablecoins and certain custody activities. The source material also says the GENIUS Act framework is scheduled to take effect in mid-January.
SoFi’s offering sits at the intersection of banking and crypto infrastructure. Rather than treating the tokenized deposit and the stablecoin as the same product, the structure separates the interest-bearing bank balance from the digital token used to move money and access crypto services.
Moneyiar market picture
Moneyiar data at 23:14 on October 22, 2026, showed STABLE at $0.0256106932, down 2.29% over 24 hours and 6.06% over seven days. BAN was $0.0572840922, down 3.63% in 24 hours but up 6.58% over seven days.
ALLO stood at $0.1955482164, with a 24-hour decline of 7.18% and a seven-day decline of 14.59%. FUN was $0.0087174135, down 1.18% over 24 hours and up 6.62% over seven days. These figures are market snapshots and are separate from SoFi’s deposit yield.
