SoFi launches a digital dollar that pays 4.4% and carries deposit insurance

What it is. A tokenized deposit is an ordinary bank deposit recorded as a token. SoFi stresses that SOFIE is not a payment stablecoin but a liability of the bank to the depositor. That is why FDIC insurance, the US deposit insurance fund, applies: up to $250,000 per depositor, per bank, for each account ownership category.

How it works. Money sits in SOFIE and earns interest. When needed, the member swaps SOFIE 1:1 into SoFiUSD, a stablecoin issued by the same bank. SoFiUSD can then buy crypto in the SoFi app or go to an external wallet. The 4.40% yield is as of 20 October, it is variable and can change, and there is no minimum balance.

Why the bank does it. SoFi cites Fed research estimating that about $64bn, or 21.2% of the stablecoin market, sits idle in forgotten or inactive wallets. The bank wants such money to earn until it is spent. It is SoFi's fifth crypto product in under a year: crypto trading since November 2025, the SoFiUSD stablecoin since December 2025 and business banking with digital assets.

Who it affects. For now only SoFi members in the US, with the rollout running through November. But it shows banks starting to compete with stablecoins for digital dollars. Keep in mind: crypto itself bought through SoFi is not insured and can lose value.

已确认的事实

• On 22 October 2026 SoFi announced the launch of SoFi Earn (SOFIE), a tokenized deposit for consumers.^[1][2]
• Each SOFIE represents $1 on deposit at SoFi Bank and earns 4.40% APY.^[1][2]
• Funds in SOFIE are FDIC-insured up to $250,000 per depositor, per bank, for each account ownership category.^[1]
• SOFIE converts 1:1 into the SoFiUSD stablecoin, which can buy crypto in the app or move money over blockchain 24/7.^[1][2]
• SoFi says SOFIE is not a payment stablecoin; the rate is variable, current as of 20 October 2026, with no minimum balance.^[1]
• SoFi cites a Fed estimate that about $64bn, or 21.2% of the stablecoin market, sits in rarely used or inactive wallets.^[1]
• It is SoFi's fifth new crypto product in under a year, rolling out to SoFi Crypto members through November.^[1]
• SoFi Crypto members can trade more than 40 cryptocurrencies.^[1][2]

影响

• 已确认SoFi members in the US get a way to hold digital dollars that earn interest and carry deposit insurance.
• 我们的解读Other US banks may issue similar tokenized deposits.
• 我们的解读Stablecoins that pay no interest may find it harder to hold on to idle money.

仍未知

• Whether SOFIE will be offered outside the US.
• Whether swapping SOFIE and SoFiUSD costs anything: the release only says fees may reduce earnings.
• How long the 4.40% rate lasts.

影响到谁

United States. SoFi members, stablecoin holders, anyone watching banks move into crypto

来源

1. SoFi Technologies (Business Wire): SoFi Launches SoFi Earn (SOFIE), the First and Only National Bank-Issued Tokenized Deposit for Consumers 2026年10月22日 · 官方
2. Decrypt: SoFi Launches Tokenized Deposit That Earns 4.4% and Converts to a Stablecoin 2026年10月22日 · 媒体