SoFi Technologies has launched SoFi Earn (SOFIE), which it describes as the first tokenized deposit product for consumers from a nationally chartered U.S. bank. Customers earn a 4.40% annual percentage yield on funds held as FDIC-insured deposits at SoFi Bank.
Each SOFIE token represents one dollar held on deposit. Customers can convert tokens one-to-one into SoFi’s stablecoin, SoFiUSD, to buy cryptocurrencies in the app or transfer funds over blockchain networks 24/7.
SoFi aims to attract idle funds in the digital asset ecosystem by offering the yield and security of a traditional bank deposit.