SoFi Unveils SOFIE Token Offering 4.4% Variable Annual Yield on Tokenized Deposits

SOFIE has no minimum balance requirements, according to the company. Each SOFIE token represents a $1 deposit held at SoFi Bank. Customers can convert SOFIE tokens one-for-one into SoFiUSD, the bank’s stablecoin pegged to the US dollar, which can then be used to purchase cryptocurrencies within the app or transferred to compatible external wallets.

Deposits represented by SOFIE tokens are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per insured bank, and per ownership category. However, the SoFiUSD stablecoin itself is not covered by FDIC insurance.

On the preceding Wednesday, the US Office of the Comptroller of the Currency (OCC) issued a final rule regulating the issuance of payment stablecoins and certain custody activities. Additionally, the GENIUS Act regulatory framework is scheduled to come into effect in mid-January.

Back in May, Cointelegraph reported that SoFi intended to launch interest-bearing tokenized deposits once SoFiUSD became accessible in its consumer banking application. At that time, the company anticipated rolling out this feature within a few weeks.

SoFi has indicated that SOFIE is being introduced to members of SoFi Crypto throughout November. Eligible participants gain access to a dedicated SOFIE deposit account via their SoFi Crypto account.

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