SoFi has begun rolling out SoFi Earn, which pays interest on dollars waiting to be used for crypto purchases. Its tokenized deposit and transferable SoFiUSD stablecoin carry different interest and insurance terms.
SoFi has started offering retail customers an interest-bearing tokenized deposit called SoFi Earn (SOFIE), announced on October 22. Each SOFIE represents $1 on deposit at SoFi Bank, N.A. The token records money the bank owes its depositor. SOFIE is not a payment stablecoin.
The company describes SOFIE as the first and only consumer tokenized deposit issued by a US nationally chartered bank. It began opening access to SoFi Crypto members in October and will continue the phased rollout through November.
Interest on the deposit, transfers through SoFiUSD
SoFi quotes a 4.40% annual percentage yield (APY), current as of October 20, 2026. The bank may change the rate at any time, there is no minimum balance requirement, and fees may reduce earnings. The quoted rate is not locked in for a year.
Customers can convert SOFIE one for one into SoFiUSD (SOFID) when they want to buy crypto or send money elsewhere. They can then buy crypto in the SoFi app or send SoFiUSD over a blockchain to a supported external wallet around the clock.
| Feature | SoFi Earn — SOFIE | SoFiUSD — SOFID |
|---|---|---|
| Asset held | A token representing a dollar deposit at SoFi Bank | A payment stablecoin designed to track the dollar |
| Announced use | Earn interest on money awaiting a crypto purchase | Buy crypto and transfer to supported wallets |
| Interest | Variable 4.40% APY as of October 20 | The APY advertised for SOFIE does not apply to the stablecoin balance |
| Deposit insurance | Subject to FDIC limits per depositor, bank and ownership category | No FDIC or SIPC insurance |
| Dollar relationship | Each token represents a $1 bank deposit | Redeemable one for one for dollars from the bank; market value can fall |
The $250,000 limit is shared across accounts
Funds represented by SOFIE qualify for up to $250,000 of FDIC coverage per depositor, per insured bank, for each account ownership category. FDIC guidance says deposits at the same bank in the same ownership category are added together. Opening a tokenized deposit account does not provide an extra $250,000 allowance on top of existing deposits in that category.
In a hypothetical example, $200,000 in ordinary deposits and $75,000 in SOFIE held by the same person in the same ownership category would total $275,000. Assuming no other balances and a single insured bank, $25,000 would exceed the standard limit. Different ownership categories, such as joint accounts, are assessed separately under their own rules.
The FDIC protects covered deposits if an insured bank fails; it does not extend the same protection to crypto assets or other non-deposit investments. SoFi’s SoFiUSD disclosure likewise states that SOFID is not a deposit, is not FDIC- or SIPC-insured, and may lose value. A customer converting SOFIE into SoFiUSD moves from an insured deposit into a stablecoin with market risk.
The 1:58 section of the FDIC’s August 14, 2024 explainer covers insurance amounts. The older video explains general deposit rules; it does not approve or promote SoFi Earn.
Interest while customers wait to buy crypto
SoFi is targeting money that has not yet been converted into crypto. Its release describes a customer setting aside $5,000 for a future purchase and holding it in a SOFIE deposit account accessible through SoFi Crypto. The customer converts the money into SoFiUSD when ready to buy. The bank pays interest while the money remains on deposit. After buying crypto, the customer can lose money if its price falls.
“We believe your money should keep working for you until the moment you need it.”
Noto said the company wanted to pay interest on money sitting idle in the digital asset market. Citing Federal Reserve research, SoFi put the value of stablecoins in rarely used, forgotten or inactive wallets at approximately $64 billion, or 21.2% of the market. That estimate does not measure SoFi customer deposits or the amount expected to flow into SOFIE.
SoFi’s October 22 X post promotes SOFIE as an interest-bearing bank deposit for idle crypto funds. The bank attaches footnotes to the advertised yield and insurance protection.
SoFi outlined tokenized deposits in May
When SoFi introduced SoFiUSD in its app on May 27, it said it planned to let members convert stablecoins into tokenized deposit accounts offering interest and eligibility for deposit insurance. It also specified that separate deposit account terms would apply. The bank began offering the planned deposit service under the SOFIE name in October.
The networks named for SoFiUSD in May were Ethereum and Solana. The bank described one-for-one dollar redemption and regular attestations performed by an independent US-licensed certified public accountant. The October 22 launch release does not identify the blockchain used for SOFIE.
SoFi expanded its product range with retail crypto trading in November 2025 and SoFiUSD issuance in December. The bank now offers more than 40 crypto assets through SoFi Crypto and uses SoFiUSD to settle its card program through Mastercard’s network. It launched Big Business Banking in 2026 to offer companies fiat and digital asset services together. The company counts SoFi Earn as its fifth new crypto-related offering in less than a year.
SoFi Earn has a separate deposit account agreement. The bank’s SoFiUSD disclosure says blockchain transactions are generally irreversible and may suffer delays, disruption or permanent loss.
