SoFi’s 4.40% Tokenized Deposit Challenges Stablecoin Rewards

SoFi Earn (SOFIE) offers a variable 4.40% APY on eligible tokenized bank deposits, with no minimum balance requirement. Unlike Coinbase’s USDC rewards, SOFIE earns interest through an FDIC-insured bank deposit relationship. SoFi is targeting idle crypto-trading cash, although eligibility, rate changes and transaction costs will determine its appeal. SoFi wants cryptocurrency traders to keep their unused dollars at its bank rather than on an exchange. Its new SOFIE tokenized deposit offers 4.40% annual percentage yield, giving customers an interest-bearing place to hold money reserved for future crypto purchases.