Stablecoins sitting idle in wallets don’t earn interest. Banks have finally stepped in.
$SOFI (SoFi Technologies) announced today the launch of SoFi Earn (SOFIE), which it calls the first—and currently the only—tokenized deposit offered directly to consumers by a U.S. national bank. Each SOFIE represents a $1 deposit at SoFi Bank and has a stated APY of 4.40% (variable; figures disclosed as of 10/20). It may be eligible for FDIC insurance, subject to applicable limits. The company spells it out: this is a bank deposit liability, not a payment stablecoin.
When you need it, you can convert it 1:1 into SoFiUSD, then buy crypto in the app or transfer it out on-chain; interest accrues until you convert out. SoFiUSD itself is not FDIC-insured. The product is rolling out to SoFi Crypto members, and the company expects the rollout to be complete by November.
The backdrop is substantial too: in just one year, SoFi has added consumer crypto trading, SoFiUSD issued by a national bank, and fiat currency and digital assets side by side for businesses. This move looks more like adding a switch: “keep idle funds in the bank first, then convert to stablecoins when needed.”
Sources: SoFi Business Wire (2026-10-22), The Block’s James Hunt, and official posts from @SoFi. Not investment advice.