SoFi’s Fifth Crypto Product in a Year Pays 4.40% APY

SoFi launched SoFi Earn (SOFIE) on October 22, a tokenized bank deposit that pays a 4.40% APY and carries FDIC protection, the company said in a post on X . SoFi called it the first-ever bank deposit token for SoFi Crypto. Each SOFIE token stands for $1 held on deposit at SoFi Bank. For on-chain use, holders swap the token at a one-to-one rate for SoFiUSD, the bank’s stablecoin. Chief executive Anthony Noto said the product combines “the earning power and protections of a bank deposit with the speed and utility of digital assets.” The launch is the fifth crypto…