SoFi’s Fifth Crypto Product in a Year Pays 4.40% APY

SoFi’s Fifth Crypto Product in a Year Pays 4.40% APY

SoFi launched SoFi Earn (SOFIE) on October 22, a tokenized bank deposit that pays a 4.40% APY and carries FDIC protection, the company said in a post on X. SoFi called it the first-ever bank deposit token for SoFi Crypto.

Meet SoFi Earn (SOFIE), with 4.40% APY* and FDIC protection.^ It's the first-ever bank deposit token for SoFi Crypto, designed to provide a home for idle crypto funds, like stablecoins. Buy and hold SOFIE to earn interest and protect your deposit.Learn more about SoFi Earn… pic.twitter.com/kgw1i1vTtU

— SoFi (@SoFi) October 22, 2026

Each SOFIE token stands for $1 held on deposit at SoFi Bank. For on-chain use, holders swap the token at a one-to-one rate for SoFiUSD, the bank’s stablecoin. Chief executive Anthony Noto said the product combines “the earning power and protections of a bank deposit with the speed and utility of digital assets.”

The launch is the fifth crypto product SoFi has rolled out in under a year. SoFi reportedly resumed retail crypto trading in late 2025 after pulling out of that line earlier, which the bank says made it the first U.S. bank with a national charter to serve retail crypto customers. Its SoFiUSD stablecoin, issued on Ethereum and Solana, reportedly settles the bank’s card program over Mastercard’s network, and SoFi Crypto reportedly offers trading in more than 40 tokens. SoFi is also not the only fintech heading to the banking regulator: Ramp has applied to the OCC for a national trust bank charter to custody digital assets.

The pitch targets money sitting still. SoFi pointed to Federal Reserve research it cited at launch putting roughly $64 billion in stablecoins, about one-fifth of that market, in wallets no one touches anymore. Ordinary stablecoins pay no interest and carry no deposit insurance, while SOFIE offers both. SoFi has not said which blockchain SOFIE is issued on.

SoFi lists the 4.40% APY as a promotional rate, meaning it can change.