SoFi launches SOFIE, a tokenized bank deposit paying 4.40% for crypto cash
San Francisco's SoFi launched SoFi Earn (SOFIE), which it calls the first national bank-issued tokenized deposit for consumers. It pays a 4.40% variable APY and is FDIC-insured.
By the Bay Area Brief staff · Edited by Seamus McKenna · · 2 min read
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San Francisco-based SoFi launched SoFi Earn, or SOFIE, on Thursday, Oct. 22. The company calls it the first and only tokenized deposit issued by a national bank to consumers.
Why it matters: Under the GENIUS Act, stablecoin issuers can't pay interest. A tokenized bank deposit can, which gives crypto holders an interest-paying, FDIC-insured place to keep idle cash.
How it works
A 4.40% variable APY (the rate as of Oct. 20, 2026).
FDIC-insured up to $250,000.
Converts 1:1 into SoFiUSD, SoFi's stablecoin.
Rolling out to SoFi Crypto members through November.
The pitch
"Too much money in the digital asset ecosystem is sitting idle," CEO Anthony Noto said. Reuters reported that this is SoFi's fifth crypto product in less than a year.
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SoFi Technologies shares closed up 13.42% at $16.40 on Tuesday after the San Francisco lender beat third-quarter estimates, posted record loan originations and raised its full-year revenue forecast.
San Francisco-based Visa reports fiscal fourth-quarter and full-year 2026 results after the close Tuesday, Oct. 27. Analysts expect $3.43 a share, up from $2.98 a year earlier.
California's unemployment rate held at 5.1% in September as the state shed 9,300 jobs, while Bay Area metro rates edged lower, led by a 4% rate in San Francisco-San Mateo.
San Francisco embedded-finance startup CapitalOS raised $21.9 million in a Series A round led by LGVP. The company says its volume grew more than 20x in 18 months.
