SoFi Stock: Your Crypto Cash Can Now Earn 4.4% APY With New Tokenized Deposits

TLDR SoFi Technologies (SOFI) launched SoFi Earn (SOFIE) on Thursday, a tokenized deposit paying a variable 4.40% APY. Each SOFIE token represents $1 at SoFi Bank, with FDIC coverage up to $250,000 and no minimum balance. Customers can convert SOFIE into SoFiUSD one-for-one to buy crypto or send funds to outside wallets. SoFiUSD has no FDIC insurance. SOFIE is rolling out to SoFi Crypto members through November. It is SoFi’s fifth crypto-related launch in under a year, and it follows the Mastercard stablecoin settlement deal. SoFi Technologies (SOFI) launched SoFi Earn, known as SOFIE, on Thursday.