SoFi launches tokenized deposit convertible to its SoFiUSD stablecoin

The SoFi Bank product pays a variable yield and can be swapped into the company's SoFiUSD stablecoin, which carries no deposit protection SoFi has rolled out SOFIE, a tokenized deposit that lives on the crypto side of its app but behaves like a bank account under the hood. SOFIE, which SoFi also calls SoFi Earn, is issued through SoFi Bank, N.A. That entity is a fully chartered, FDIC-insured subsidiary of SoFi Technologies, Inc. SOFIE is not a new digital currency.