SoFi Launches Tokenized Deposit That Earns 4.4% and Converts to a Stablecoin

SoFi has launched SOFIE, a tokenized deposit where each token represents one dollar deposited at SoFi Bank. This new asset earns 4.40% APY and includes FDIC insurance, providing a combination of yield and protection not found in ordinary stablecoins. By bridging traditional banking and crypto, SOFIE offers insured deposits with increased flexibility. This innovation aims to reshape digital finance norms by integrating the security of regulated banking with the utility of digital assets.