SoFi announced SoFi Earn (SOFIE), which it calls the first national bank-issued tokenized deposit for consumers. Each token represents $1 on deposit at SoFi Bank. SoFi says holders earn a 4.40% annual percentage yield, with FDIC insurance up to applicable limits.
Members can convert SOFIE one-to-one into SoFiUSD, SoFi’s stablecoin, to buy crypto in the SoFi app or move dollars over blockchain networks. SoFi cited Federal Reserve research estimating that about $64 billion, or 21% of the stablecoin market, sits in forgotten or inactive wallets.
