Stablecoins aren’t allowed to pay interest, so banks are jumping in themselves with interest-bearing “deposit tokens.”
SoFi Earn launched yesterday: tokenized deposits called SOFIE, yielding 4.4% APY, backed by FDIC insurance, and redeemable anytime 1:1 for its own stablecoin, SoFiUSD, which you can use to buy $BTC . It’s the first U.S. bank to offer this to retail customers, with a full rollout coming in November.
Talk about throwing down the gauntlet: banks are stepping outside their lane and going after exchanges’ business—and the kicker is, they’re compliant. How’s that feel?
Should retail investors leave their money in the bank earning 4.4%, or put it on-chain and gamble on getting rich? Sound off in the comments: A) Take the 4.4%—that interest is sweet. B) A hundredfold gain is what matters; interest doesn’t even register.
$ETH $SOL #SoFi #TokenizedDeposits
SoFi Earn launched yesterday: tokenized deposits called SOFIE, yielding 4.4% APY, backed by FDIC insurance, and redeemable anytime 1:1 for its own stablecoin, SoFiUSD, which you can use to buy $BTC . It’s the first U.S. bank to offer this to retail customers, with a full rollout coming in November.
Talk about throwing down the gauntlet: banks are stepping outside their lane and going after exchanges’ business—and the kicker is, they’re compliant. How’s that feel?
Should retail investors leave their money in the bank earning 4.4%, or put it on-chain and gamble on getting rich? Sound off in the comments: A) Take the 4.4%—that interest is sweet. B) A hundredfold gain is what matters; interest doesn’t even register.
$ETH $SOL #SoFi #TokenizedDeposits