SoFi Technologies officially rolled out a tokenized deposit product dubbed SoFi Earn (SOFIE) on Thursday (10/22/2026). The deposit product offers a variable annual percentage yield (APY) of 4.40%. Each unit of SOFIE represents $1 of customer deposits at SoFi Bank, N.A., a nationally chartered U.S. banking institution directly supervised by federal regulators.
Access to SOFIE deposit accounts is rolling out gradually to SoFi Crypto members through November 2026 with no minimum balance requirements. The bank described SOFIE as the first consumer tokenized deposit issued by a nationally chartered bank in the United States, a design that sets it apart from conventional stablecoin instruments.
GENIUS Act Rules and Deposit Interest
The rollout of SOFIE comes in the wake of the final stablecoin rules under the GENIUS Act issued by the U.S. Office of the Comptroller of the Currency (OCC). The federal banking regulator’s rules prohibit interest payments on pure payment stablecoins.
The nationally chartered bank deposit structure allows SoFi to continue offering yields despite the regulatory ban. SoFi CEO Anthony Noto stated that the product is designed to keep idle cash earning returns until the moment customers decide to trade digital assets.
Conversion Path to Wallets and Crypto Exchanges
Funds held in SOFIE accounts are set up to move into digital transactions at any time. Customers can convert their SOFIE balance at a 1:1 ratio into SoFiUSD, SoFi’s dollar stablecoin. This balance conversion can be processed directly within the app.
Once converted into SoFiUSD, funds can be used to purchase various crypto assets available on the app. Customers can also transfer the SoFiUSD stablecoin to external wallets 24/7.
Strict Limits on FDIC Insurance Coverage
Holding deposits at a nationally chartered bank provides regulatory safeguards for customer balances. SOFIE deposits qualify for Federal Deposit Insurance Corporation (FDIC) protection up to the standard limit of $250,000 per depositor for each account ownership category.
However, federal insurance coverage has clear boundaries. FDIC insurance only covers SOFIE deposit balances and does not protect SoFiUSD stablecoin assets or crypto investments once converted.
For SoFi customers active in the crypto market, the product offers a place to park cash earning a 4.40% yield with FDIC protection before deploying into digital assets. Full federal banking protections apply as long as funds remain in SOFIE, but insurance coverage ceases once balances are swapped into stablecoins or crypto assets.
Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
