SoFi announced SoFi Earn, a product with a tokenized deposit called SOFIE. The company says each SOFIE represents $1 held at SoFi Bank and advertises a 4.40% annual percentage yield, subject to eligibility requirements and rate changes. It says eligible underlying deposits have federal insurance within applicable FDIC limits.
Customers can convert SOFIE to SoFiUSD at a one-to-one ratio for crypto purchases or blockchain transfers. The two are not legally identical: deposit insurance does not automatically apply to tokens, wallets or transactions on a public blockchain.
