SoFi launched SoFi Earn (SOFIE), a tokenized deposit issued by SoFi Bank N.A. Each SOFIE token equals $1 on account, earns a variable 4.40% APY and carries FDIC insurance within limits, according to the supplied summary of The Block report.

SoFi launched SoFi Earn (SOFIE), a tokenized deposit issued by SoFi Bank N.A. Each SOFIE token equals $1 on account, earns a variable 4.40% APY and carries FDIC insurance within limits, according to the supplied summary of The Block report.

Inside SoFi Crypto, SOFIE converts 1:1 into the SoFiUSD stablecoin, which can then be used to buy crypto or withdrawn to an external wallet 24/7. Full rollout to crypto customers is set for November, with SoFi describing it as the first US national bank tokenized deposit for retail.

The structure matters because the GENIUS Act bars issuers from paying interest on payment stablecoins. SOFIE is presented as a deposit, not a payment stablecoin, so interest and insurance are allowed, while converted SoFiUSD is uninsured like any stablecoin. The move was flagged today by WatcherGuru.

The sources do not name SOFIE's network or contract address.