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Tokenized deposits· Bank & market adoption

SoFi Launches SoFi Earn (SOFIE), the First and Only National Bank-Issued Tokenized Deposit for Consumers

SoFi announced the launch of SoFi Earn (SOFIE), which it describes as the first and only national bank-issued tokenized deposit for consumers; each SOFIE represents $1 held on deposit at SoFi Bank, N.A., earning 4.40% APY (variable, rates current as of 10/20/26) with FDIC insurance up to applicable limits.

Illustration: cryptobanking.news editorial art (AI-generated, abstract). Not a depiction of any institution or product.Primary source: SoFi Technologies (via Business Wire on Nasdaq.com) (nasdaq.com)
cryptobanking.news Editorial · AI-assisted, source-verifiedT2Bank / FMIUS

Key takeawaysFact

  1. 140% APY (variable, rates current as of 10/20/26) with FDIC insurance up to applicable limits.
  2. 2Members can convert SOFIE 1:1 to SoFiUSD, SoFi's stablecoin, to buy crypto in the SoFi app or move funds over blockchain rails 24/7.
  3. 3SoFi says SOFIE is not a payment stablecoin and is rolling out to SoFi Crypto members now through November.
  • Tokenized deposits
  • Stablecoins

Executive summaryFact

SoFi announced the launch of SoFi Earn (SOFIE), which it describes as the first and only national bank-issued tokenized deposit for consumers; each SOFIE represents $1 held on deposit at SoFi Bank, N.A., earning 4.40% APY (variable, rates current as of 10/20/26) with FDIC insurance up to applicable limits. Members can convert SOFIE 1:1 to SoFiUSD, SoFi's stablecoin, to buy crypto in the SoFi app or move funds over blockchain rails 24/7. SoFi says SOFIE is not a payment stablecoin and is rolling out to SoFi Crypto members now through November.

Primary source: SoFi Technologies (via Business Wire on Nasdaq.com) ↗

SoFi Technologies, Inc. (NASDAQ: SOFI), the everything app for digital financial services, today announced the launch of SoFi Earn (SOFIE), the first and only national bank-issued tokenized deposit for consumers.

— SoFi Technologies (via Business Wire on Nasdaq.com), verbatimString-matched against the live page 2026-10-23

Key factsFact

Event
Product launch
Jurisdiction
US
Source
SoFi Technologies (via Business Wire on Nasdaq.com)
Source tier
Tier 2 · Bank / FMI
Product
Tokenized deposits

Adoption statusFact

  • LiveSoFi Bank, N.A.— SoFi Earn (SOFIE) interest-bearing consumer tokenized deposit, convertible 1:1 to SoFiUSD

See the bank adoption tracker

Who is affectedFact

SoFi Crypto members, to whom SoFi Earn is rolling out now through November.

Key datesFact

  • SoFi Earn (SOFIE) launch announced

More from the sourceFact

“When members are ready to put those funds to work, they can convert SOFIE 1:1 to SoFiUSD, then use the SoFiUSD to buy crypto directly in the SoFi app or move money over blockchain rails 24/7.”

“SOFIE is not a payment stablecoin.”

“SoFi Earn is rolling out to SoFi Crypto members now through November.”

Verbatim from SoFi Technologies (via Business Wire on Nasdaq.com)✓ string-matched against the live page 2026-10-23

Why it matters for banksAnalysis

An OCC-regulated national bank now offers consumers an interest-bearing, FDIC-insured tokenized deposit that converts 1:1 into its own stablecoin, separating the yield-bearing deposit layer from the on-chain payment token.

Editorial analysis based on the facts above and the sources below; not legal or investment advice.

What remains uncertain

  • Rollout to SoFi Crypto members runs "now through November"; the APY is variable and subject to change.

Sources and evidence

Evidence types: how we classify sources.

Evidence

Confidence
Medium The institution’s own statement; quote string-matched. Proves what the institution says, not independent confirmation.
Quote verified
2026-10-23 21:23 UTC
Archived snapshot
SHA-256 0edca562ef3cc113… · fetched 2026-10-23 · Wayback Machine copy ↗
Change log (9)
  1. 2026-10-24 Verify run (deploy): verifiedAt refresh, verify snapshots (c2a86c2)
  2. 2026-10-24 Verify run (deploy): verifiedAt refresh, verify snapshots (7193440)
  3. 2026-10-24 Verify run: verifiedAt refresh, verify snapshots (586fb39)
  4. 2026-10-24 Daily audio brief: npm run audio (edge-tts/xAI, -16 LUFS MP3), append-only episode archive, custom player, /audio/, /archive/<date>/, /podcast.xml; episode 2026 (574b0c2)
  5. 2026-10-24 Verify run: verifiedAt refresh, verify snapshots, stablecoin data (8dae4ec)
  6. 2026-10-23 Newsroom 2026-10-23 eve: +MAS/BNM/BOT BLOOM cross-border digital money (Tier 1, MAS media release); bank-negara-malaysia, bank-of-thailand entities; verify snap (b20c97d)
  7. 2026-10-23 Newsroom 2026-10-23 PM: +Riksbank letter to Riksdag Finance Committee on digital krona (PDF, Tier 1); riksbank entity; CBDC tracker entry; verify snapshots, pag (240394a)
  8. 2026-10-23 Tracker: HSBC RedCoin commercial status -> Live (23 Oct 2026, HSBC release); +SoFi Earn (SOFIE) initiative, SoFi institution, 2 sources; vfetch: one 5s retry on (cebc8d1)
  9. 2026-10-23 Newsroom 2026-10-23: +HSBC RedCoin live on PayMe (HKMA-licensed HKD stablecoin), +SoFi Earn (SOFIE) consumer tokenized deposit (via Nasdaq/Business Wire; SoFi I (62c1ed5)

Full evidence record · How we label confidence

AIAI-assisted: summary and analysis were drafted with AI from the primary source and are the editor’s responsibility. AI-drafted from the primary source; quote string-matched by scripts/verify.mjs. Methodology · Corrections · Report an error

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