SoFi Technologies launched SoFi Earn (SOFIE), offering a variable 4.4% annual percentage yield on tokenized bank deposits with no minimum balance, according to the company. Each SOFIE represents $1 deposited at SoFi Bank and can be converted one-for-one into SoFiUSD to buy crypto in the app or send funds to supported external wallets.
SOFIE deposits qualify for FDIC coverage up to $250,000 per depositor, per insured bank, for each account ownership category; SoFiUSD is not FDIC-insured. SoFi said SOFIE is rolling out to SoFi Crypto members through November, with access through a separate deposit account in SoFi Crypto.
