SoFi becomes first consumer bank to launch tokenized deposits, offers 4.4% interest

The convergence between traditional and blockchain-based worlds of finance continues to accelerate. The latest example came on Thursday when the personal finance company SoFi announced it is offering tokenized deposits, which are functionally equivalent to cash but are stored on a blockchain. The new product is called SoFi Earn, or SOFIE, and those who hold the tokenized deposits will earn a 4.4% rate of interest and benefit from FDIC protection.