SoFi targets idle crypto cash with interest-bearing tokenized deposit

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.

Brief written by urgent.news from Cointelegraph's own syndicated text. Machine-written — may contain errors; check the original before relying on it.