SoFi launches interest-bearing, FDIC-insured tokenized deposit for crypto users

Customers can earn interest through SoFi Earn, then convert their deposits into SoFiUSD when they want to buy crypto or make transfers.

By James Hunt • Edited by Brian Danga
Business•October 22, 2026, 8:00AM EDT
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SoFi launches interest-bearing, FDIC-insured tokenized deposit for crypto users

Quick Take

  • SoFi said no other nationally chartered U.S. bank has previously offered tokenized deposits directly to consumers.
  • The bank is paying 4.4% APY on SOFIE deposits, which customers can convert into SoFiUSD at a 1:1 rate to spend or transfer.

SoFi Technologies (NASDAQ: SOFI) has launched SoFi Earn (SOFIE), an interest-bearing tokenized deposit that offers consumers a 4.4% annual percentage yield with Federal Deposit Insurance Corporation insurance. According to SoFi, it is the first time a U.S. national bank has offered tokenized deposits to individual customers.

Each SOFIE is worth $1 on deposit at SoFi Bank. Members can access the account through SoFi Crypto and convert SOFIE into the SoFiUSD stablecoin at a 1:1 rate to buy cryptocurrencies or transfer funds to a supported external wallet 24/7, SoFi explained in a statement shared with The Block on Thursday.

"Too much money in the digital asset ecosystem is sitting idle, leaving massive potential earnings on the table for millions of people," SoFi CEO Anthony Noto said. "We believe your money should keep working for you until the moment you need it. SoFi Earn combines the earning power and protections of a bank deposit with the speed and utility of digital assets, giving people more value, flexibility, and control over their money."

The deposit continues earning interest until it is converted and is covered by FDIC insurance within the applicable limits. SoFiUSD, like other stablecoins, is not an FDIC-insured deposit. The bank said it expects to finish rolling out SOFIE to its crypto members in November.

SoFi's expanding crypto services

The launch follows SoFi's introduction of consumer crypto trading in November 2025, and its SoFiUSD stablecoin launch a month later. The bank then brought SoFiUSD to its consumer app in May, when it also outlined plans for tokenized deposits, cross-border transfers, and additional institutional integrations. SoFi Crypto now supports trading in more than 40 cryptocurrencies, according to the company.

In September, SoFi also began settling card transactions using SoFiUSD on Mastercard's global payments network. The card program is expected to exceed $25 billion in annualized volume, the firm said at the time. Additionally, SoFi launched Big Business Banking earlier this year, enabling companies to combine fiat and crypto on a single regulated platform.