SoFi launches tokenized bank deposits offering 4.4% yield and FDIC insurance

The new SOFIE tokenized deposit allows customers to earn interest on digital dollars before converting them into SoFiUSD for crypto trading and blockchain transfers. SoFi Technologies has launched an interest bearing tokenized deposit product offering a 4.40% annual percentage yield and federal deposit insurance, expanding its digital asset services for retail customers. The new product , called SoFi Earn (SOFIE), was announced Thursday and allows customers to earn interest on digital dollars before converting them into stablecoins for crypto purchases or blockchain transfers.