SoFi Earn Tokenized Deposit Yields 4.4% APY

SoFi is paying a bank-backed 4.4% APY on a token you can move any time. The product, called SoFi Earn or SOFIE, launched Thursday and represents one dollar of a SoFi Bank deposit. There is no minimum balance and each token is covered by FDIC insurance up to $250,000 per owner. Users can swap SOFIE one-for-one for SoFiUSD, the firm's dollar-pegged stablecoin. They can then buy crypto or send the stablecoin to external wallets. The rollout begins this month for SoFi Crypto members and will be fully available by November. The launch follows a Wednesday OCC final rule on payment stablecoins and the GENIUS Act framework set to start mid-January. SoFi says the tokenized deposit feels like a regular savings account because the FDIC coverage protects each dollar.