SoFi Rolls Out 4.40% Deposit That Converts to a Stablecoin

SoFi began offering crypto customers an interest-bearing bank deposit that must be converted into its stablecoin before funds can move to supported blockchains, with the deposit’s yield and federal insurance not carrying over. A SOFIE corresponds to a $1 balance held at SoFi Bank. Its variable annual percentage yield (APY) was 4.40% as of Oct. 20. Interest builds daily and is paid monthly; customers do not need a minimum balance, though fees may reduce earnings. To buy cryptocurrency or transfer funds through supported blockchain networks, customers convert SOFIE into SoFiUSD (SOFID) at a one-to-one rate.