SoFi launches tokenized deposit product earning 4.4% annual interest

SoFi Bank launched a new product called SoFi Earn, or SOFIE, on October 22, 2026. It lets customers keep cash ready for buying cryptocurrency while earning interest. Each SOFIE token is worth one dollar held at SoFi Bank. The interest rate is 4.4% per year, though this can change. Money held in SOFIE is protected by FDIC insurance up to $250,000. Customers can swap SOFIE tokens for SoFiUSD at any time to buy crypto or move money using blockchain technology. SoFi says this is the first tokenized deposit product from a national bank aimed at everyday consumers. The rollout started with existing SoFi Crypto members in October and continued into November. This was SoFi's fifth new crypto product in under a year.