SoFi SOFIE Tokenized Deposit Launches With 4.40% APY on National Bank Balance Sheet

SoFi Technologies launched SOFIE on October 22, 2026, the first tokenized deposit issued by a national bank and available directly to consumers. Each token represents one dollar held at SoFi Bank, N.A., and earns a variable 4.40% annual percentage yield as of the October 20, 2026 rate sheet.

Mechanics of the SOFIE Tokenized Deposit

SOFIE operates through a customer’s existing SoFi Crypto account. Interest accrues daily on the end-of-day balance, compounds, and credits monthly. No minimum balance is required, and the product carries full FDIC insurance up to the standard $250,000 limit per depositor, per ownership category, aggregated with other SoFi Bank deposits.

Customers can convert SOFIE tokens 1:1 into SoFiUSD, the bank’s non-interest-bearing stablecoin, when they want to spend, transfer, or purchase crypto inside the app. Transfers over blockchain rails are available 24 hours a day, seven days a week. The APY remains variable and can change at any time; fees, if any, reduce earnings. SOFIE balances are separate from SoFi’s Insured Deposit Program.

The product specifically targets idle stablecoin holdings. SoFi cited Federal Reserve data estimating that roughly $64 billion, or 21 percent, of the stablecoin market sits in inactive wallets. By offering bank-level yields and protections inside a digital-asset interface, the company aims to capture a portion of those dormant funds.

Market Context and Rollout Timeline

Rollout began immediately after the announcement and is scheduled to reach all SoFi Crypto members by the end of November 2026. This marks SoFi’s fifth crypto-related product introduction in less than twelve months. The offering arrives as traditional financial institutions explore tokenized deposits that combine regulatory safeguards with the settlement speed of blockchain networks.

Unlike payment stablecoins, SOFIE is explicitly structured as a deposit product rather than a medium of exchange. Funds remain on the bank’s balance sheet, subject to standard regulatory oversight and capital requirements. Conversion to SoFiUSD removes FDIC coverage and interest accrual, a distinction the company highlights in its disclosures.

CEO Anthony Noto described the feature as combining the earning power and protections of a bank deposit with the speed and utility of digital assets. Early access is limited to SoFi Crypto users; broader availability details have not been announced.

Practical Considerations for Users

Investors evaluating SOFIE should note that the 4.40% APY is variable and may decline if prevailing interest rates fall. The product suits users who want yield on digital dollars without leaving the SoFi ecosystem, yet it requires an active SoFi Crypto account and acceptance of the conversion step for on-chain movement.

Institutions and high-net-worth individuals already holding stablecoins may compare the 4.40% rate against treasury-backed stablecoin yields or money-market funds accessible inside crypto platforms. Because SOFIE remains a bank deposit, it avoids the custody and smart-contract risks associated with many decentralized finance products while still offering blockchain transfer capability after conversion.