SoFi puts a 4.40% yield on a dollar token: SOFIE, which it calls the first tokenized deposit a US national bank has issued to consumers, is FDIC-insured and swaps one for one into its stablecoin

SoFi is turning bank deposits into tokens that pay interest. The lender said on October 22, 2026 that SoFi Earn, or SOFIE, is rolling out to SoFi Crypto members now and through November. Each SOFIE represents one dollar on deposit at SoFi Bank, N.A., earns a variable 4.40% annual percentage yield, and is covered by FDIC insurance up to the applicable limits, which SoFi's footnote puts at $250,000 per depositor, per bank, per ownership category.

The twist is the exit. Holders can convert SOFIE one for one into SoFiUSD, the stablecoin SoFi launched in December 2025, and then buy any of the more than 40 coins SoFi Crypto supports or move the funds 24/7 over blockchain rails to a supported external wallet, the company and The Block reported. Interest accrues until the moment of conversion. SoFiUSD is not an FDIC-insured deposit, The Block noted; SoFi's disclosures say digital assets other than SOFIE are not FDIC insured.

"We believe your money should keep working for you until the moment you need it," said Anthony Noto, SoFi's chief executive.

SoFi describes SOFIE as a tokenized deposit, not a payment stablecoin, and says it is the first and only US national bank to issue one to consumers; that is the company's claim. It follows a string of crypto launches in under a year, per The Block: consumer crypto trading in November 2025, SoFiUSD in December 2025, a business banking platform earlier in 2026 and, from September 2026, card settlement in SoFiUSD on Mastercard's network. SoFi says it has 15.8 million members.

SoFi's pitch is aimed at idle stablecoin balances: its release cites Federal Reserve research estimating that about $64 billion, or 21.2% of the stablecoin market, sits unused in inactive wallets. A deposit that pays interest until the moment it becomes a stablecoin is its answer. The rate is variable and can change at any time, and fees may reduce earnings, the company notes. What to watch next: the November rollout, and whether SoFi says which blockchain SOFIE runs on, which neither the release nor The Block states.