SoFi Debuts SoFi Earn Tokenized Deposit Paying 4.40% APY

SoFi Technologies (SOFI ) announced on October 22, 2026, the launch of SoFi Earn, an interest-bearing tokenized deposit account at SoFi Bank earning 4.40% APY that the company describes as the first and only national bank-issued tokenized deposit for consumers. The product is rolling out to SoFi Crypto members now through November, according to SoFi’s announcement.

Each SOFIE represents one U.S. dollar held on deposit at SoFi Bank, with funds FDIC-insured up to applicable limits. When members are ready to use the funds, they can convert SOFIE 1:1 to SoFiUSD, then use the SoFiUSD to buy cryptocurrency directly in the SoFi app or move money over blockchain rails 24/7. The company states that SoFi Earn is its fifth new crypto offering in less than a year.

The announcement gives the example of a member saving $5,000 for a future crypto purchase. The member can hold those funds in a SOFIE deposit account, accessed through a SoFi Crypto account, and earn the applicable APY while waiting. When ready, the member can convert SOFIE 1:1 to SoFiUSD and use it to buy crypto or send it to a supported external wallet over blockchain rails 24/7.

“Too much money in the digital asset ecosystem is sitting idle, leaving massive potential earnings on the table for millions of people,” said Anthony Noto, CEO of SoFi. “We believe your money should keep working for you until the moment you need it. SoFi Earn combines the earning power and protections of a bank deposit with the speed and utility of digital assets, giving people more value, flexibility and control over their money.”

The announcement, citing Fed research, estimates that approximately $64 billion, or 21.2% of the stablecoin market, sits idle in rarely used, forgotten or inactive wallets. SoFi also states that many stablecoins do not pay interest and are not FDIC-insured.

Rate and Account Terms

The SoFi Bank Tokenized Deposit Rate Sheet, effective October 20, 2026, lists the Individual Tokenized Deposit Account at an interest rate of 4.31368%, corresponding to a 4.40% annual percentage yield. SoFi Bank calculates interest using the daily balance method, applying a daily periodic rate equal to 1/365 of the interest rate, or 1/366 in a leap year, to the principal in the account each day. Balances accrue interest daily based on the end-of-day balance; interest is compounded monthly and credited monthly. Collected funds begin earning interest on the calendar day they are credited and continue earning interest through the day before withdrawal. Promotional rates are not reflected on the rate sheet.

The rate sheet states the interest rate and corresponding APY are variable and may change at any time at SoFi Bank’s discretion, with no limit on the amount or frequency of any change. If a credited transaction is later returned, reversed, canceled, or determined to be unauthorized or invalid, the bank may deduct the corresponding interest without prior notice. On account closure, accrued but unpaid interest is calculated through the date of closure, prorated for the number of days the account remained open in the applicable interest period. The announcement’s disclosures add that there is no minimum balance requirement and that fees may reduce earnings, with rates current as of October 20, 2026.

SOFIE balances are not eligible for, and will not be placed in, the SoFi Insured Deposit Program, according to the rate sheet. The balance remains on deposit at SoFi Bank, N.A. and is aggregated with any other deposits the customer holds at SoFi Bank in the same ownership category for purposes of determining FDIC insurance coverage. Funds represented by SOFIE are insured up to $250,000 per depositor, per insured bank, for each account ownership category under the FDIC’s general deposit insurance rules.

Deposit Status and Stablecoin Distinction

SoFi’s disclosures state that SOFIE is a tokenized deposit representing a deposit liability of SoFi Bank, N.A., Member FDIC, that SoFi Earn is a separate product from SoFi Crypto, and that SOFIE is not a payment stablecoin. SoFi Crypto is offered by SoFi Bank, N.A., a national bank regulated by the Office of the Comptroller of the Currency. Digital assets offered through SoFi Crypto other than SOFIE are not deposits, are not insured by the FDIC or SIPC, are not bank guaranteed, and may lose value.

Disclosures on the SoFi Earn product page describe SOFID (SoFiUSD) as a payment stablecoin designed to maintain a stable value relative to the U.S. dollar and made available through SoFi Bank, N.A. The page states SOFID is not a deposit, is not insured by the FDIC or SIPC, and is not legal tender, and that it is intended to be redeemable 1:1 for U.S. dollars with reserves consisting primarily of cash. SOFID may be used for digital payment transactions on supported blockchain networks, including certain 24/7 transfer functionality, and the disclosures note that blockchain transactions are generally final and irreversible.

The announcement describes SoFi Earn as the latest in a series of launches that, in less than a year, have built out the company’s digital money ecosystem. In November 2025, SoFi became the first and only nationally chartered bank to launch crypto trading for consumers, the company states, and members can now trade more than 40 cryptocurrencies through SoFi Crypto. In December 2025, SoFi launched SoFiUSD, which it describes as the first stablecoin issued by a U.S. national bank; SoFiUSD is being used in settlement of SoFi’s entire card program across Mastercard’s global payments network. Earlier in 2026, SoFi launched Big Business Banking, giving companies a single regulated platform to manage both fiat and digital assets, with businesses able to hold deposits and move money 24/7 across traditional payment rails, stablecoins and digital assets.

SoFi reports 15.8 million members who borrow, save, spend, invest, and protect their money and buy, sell and hold crypto in one app, and states that banks, fintechs and brands use SoFi Tech Solutions capabilities to serve more than 134 million global accounts.