SoFi Launches SOFIE, an FDIC-Insured Tokenized Deposit Paying 4.40% APY

Each SOFIE token represents $1 held on deposit at SoFi Bank, N.A., carries FDIC insurance up to $250,000 per depositor, and converts one-for-one into SoFiUSD, the bank’s dollar stablecoin, according to the company’s announcement . It is SoFi’s fifth crypto offering in under a year. The yield is the point, and so is where the yield sits. SoFiUSD pays no interest. SOFIE does. That split is not a footnote; it is the mechanism that lets a nationally chartered bank pay yield on tokenized dollars without pushing the deposit into the GENIUS Act’s ban on interest-bearing stablecoins.