SoFi SOFIE Launches as First National Bank-Issued Tokenized Deposit Offering 4.40% APY

SoFi Technologies announced on October 22, 2026, the launch of SoFi Earn, known by the ticker SOFIE. The product marks the first national bank-issued tokenized deposit available to consumers. Each unit represents one dollar held at SoFi Bank, N.A., and carries a variable annual percentage yield of 4.40 percent as of the October 20 rate sheet.

SoFi SOFIE Product Features and FDIC Coverage

SOFIE earns interest at a stated rate of 4.31368 percent. Interest accrues daily on the end-of-day balance, compounds monthly, and credits to the account without any minimum balance requirement. The deposit remains eligible for FDIC insurance up to the standard $250,000 limit per depositor, per insured bank, and per ownership category, aggregated with other SoFi Bank deposits in the same category.

Customers reach SOFIE through their existing SoFi Crypto account. They may convert units one-to-one into SoFiUSD, the bank’s non-interest-bearing stablecoin, to purchase cryptocurrency inside the app. Transfers of SoFiUSD to supported external wallets occur over blockchain rails on a 24/7 basis, although the SOFIE token itself stays within the SoFi platform and cannot move externally. The product operates separately from payment stablecoins and carries no payment or transfer functionality outside the bank’s controlled environment.

SoFi reported approximately 17.1 million members at the end of the third quarter of 2026. The company positioned SOFIE as its fifth crypto-related offering introduced within a twelve-month period that began with consumer crypto trading in November 2025 and the debut of SoFiUSD in December 2025.

Market Context and Rollout Schedule

SoFi cited Federal Reserve research estimating that roughly 21 percent of stablecoin holdings, or about $64 billion, sit in idle wallets. CEO Anthony Noto noted that the new deposit combines traditional bank earnings and deposit insurance with digital-asset speed. The phased rollout began on October 22, 2026, for existing SoFi Crypto members, with full platform availability scheduled for early November 2026.

The variable rate remains subject to periodic adjustment based on prevailing market conditions. No specific figures on early adoption or total balances have been released. SoFi continues to expand its suite of bank-issued digital products while maintaining separate treatment between insured deposits and non-insured stablecoin instruments.

Operational Integration and Next Steps

Integration occurs entirely inside the SoFi mobile application. Users view balances, convert holdings, and execute crypto trades without leaving the platform. External transfers rely on the established SoFiUSD rails rather than direct movement of the tokenized deposit. The bank has stated that additional features may appear after the November completion of the initial rollout, although no timeline for those additions has been provided.

Market observers note that SOFIE extends the reach of regulated deposits into digital-asset workflows without requiring customers to move funds to non-bank platforms. The product structure keeps the deposit under national-bank oversight while enabling blockchain-based movement of the related stablecoin. Further updates on balances, rate changes, or expanded wallet support are expected after full availability begins in November 2026.