SoFi launches interest-bearing, FDIC-insured tokenized deposit for crypto users

SoFi has introduced SoFi Earn, a new service offering tokenized deposits with a 4.40% APY and FDIC coverage. This allows users to convert their funds to the bank's dollar-pegged stablecoin, SoFiUSD, at any time to purchase crypto or send funds externally. SoFi Earn is available to SoFi Crypto members starting in November, with no minimum balance required. Each token represents a $1 deposit at SoFi Bank, and the deposits are insured up to $250,000 per depositor.

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