SoFi Technologies launches interest-bearing tokenized deposit product SOFIE

US fintech company SoFi Technologies launched SOFIE, an interest-bearing tokenized deposit product with an annualized yield of 4.4%, insured by the Federal Deposit Insurance Corporation (FDIC) within applicable limits. Each SOFIE corresponds to a $1 deposit at SoFi Bank, and members can exchange it for the stablecoin SoFiUSD at a 1:1 ratio through SoFi Crypto. Interest continues to accrue on the deposit until exchange. SoFiUSD is not FDIC insured. SoFi expects to complete its full rollout to crypto members in November. CEO Anthony Noto stated that the company aims to combine the returns and protection of bank deposits with the speed and utility of digital assets, ensuring funds continue to generate returns before being used.