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SoFi Technologies launched SoFi Earn (SOFIE) on Thursday, offering a variable 4.4% annual percentage yield on tokenized bank deposits.
SOFIE has no minimum balance requirement, according to the company’s announcement. Each SOFIE represents $1 deposited at SoFi Bank. Customers can convert it one-for-one into SoFiUSD, the bank’s dollar-pegged stablecoin, to buy crypto in its app or send funds to supported external wallets.
SOFIE deposits qualify for Federal Deposit Insurance Corporation coverage up to $250,000 per depositor, per insured bank, for each account ownership category. SoFiUSD carries no FDIC insurance.