SoFi launches FDIC-insured tokenised deposit paying 4.4% for crypto members
Key points
- SoFi Technologies launched SoFi Earn (SOFIE), a tokenised deposit at SoFi Bank with FDIC coverage paying a variable 4.4% annual rate.
- The product is rolling out to SoFi Crypto members through November 2026, with conversion into the bank's stablecoin, SoFi USD, available for on-chain spending.
- The 4.4% rate exceeds SoFi's standing high-yield savings rate of 3.3% and is available to existing SoFi Crypto members with no stated expiry, unlike a promotional new-account offer.
- The article identifies idle stablecoin balances at platforms such as Coinbase and tokenised money market funds, rather than other banks, as the primary competitive context for this pricing.
- SoFi's double-digit yields on personal loans make the economics of paying above the Fed funds rate viable for the bank.
SoFi Technologies has introduced SoFi Earn (SOFIE), a tokenised deposit product held at SoFi Bank and covered by Federal Deposit Insurance Corporation (FDIC) insurance, paying a variable 4.4% annual rate. The product is being rolled out to SoFi Crypto members through November, with conversion into the bank’s own stablecoin, SoFi USD, available when a customer wants to spend or move funds on chain.
The rate is meaningful in context. SoFi’s standing high-yield savings account rate sits at 3.3%, with a promotional 4.4% available only to new account holders. SOFIE extends that higher rate to existing SoFi Crypto members with no stated expiry, though the rate remains variable. The article suggests the competitive pressure driving this pricing comes less from rival banks than from idle stablecoin balances at platforms such as Coinbase and from tokenised money market funds. SoFi can absorb the cost because its personal loan book generates double-digit yields.
CEO Anthony Noto framed the launch around the opportunity cost of idle digital asset holdings, arguing that customer funds should remain productive until the moment of use. For the broader market, SOFIE is a notable instance of a regulated US bank competing directly on yield with on-chain alternatives, packaging that competition inside an FDIC-insured wrapper rather than in a separate crypto-native product.