SoFi Launches FDIC-Insured Tokenized Deposit for Crypto — SkimNews
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- SoFi Bank launched SoFi Earn (SOFIE), a tokenized deposit product offering a 4.4% annual percentage yield with no minimum balance requirement.
- SOFIE represents a $1 deposit at SoFi Bank and is eligible for FDIC insurance up to $250,000 per depositor, per insured bank, by ownership category.
- SoFiUSD, the bank’s dollar-pegged stablecoin, can be created one-for-one from SOFIE but carries no FDIC insurance and is used for crypto purchases or external wallet transfers.
- SoFi Technologies began rolling out SOFIE to SoFi Crypto members in November, accessible through their existing crypto account interface.
- The Office of the Comptroller of the Currency issued a final rule on payment stablecoin issuance and custody activities, effective mid-January under the GENIUS Act framework.
Why it matters: Crypto users gain access to FDIC-insured, yield-bearing deposits through a mainstream fintech app, lowering the risk of stablecoin exposure while enabling seamless on-ramp to digital assets. The timing aligns with new federal rules that clarify bank authority over stablecoins, giving SoFi a first-mover edge in regulated tokenized deposits.
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