Market Flux Event
SoFi Launches SOFIE Tokenized Deposit Paying 4.4% APY With FDIC Insurance
Read this in the Market Flux appSoFi has launched SOFIE, a tokenized deposit product that combines a 4.40% annual percentage yield with FDIC insurance coverage, marking a notable step in bridging traditional banking protections with on-chain finance. Each SOFIE token represents one dollar on deposit at SoFi Bank, giving holders a yield-and-protection combination that ordinary stablecoins do not offer.
SoFi members have the option to convert their SOFIE tokens into SoFiUSD, the company's stablecoin, at a 1:1 rate. However, the interest accrual and FDIC deposit coverage do not carry over once funds move into SoFiUSD, meaning those protections are exclusive to the tokenized deposit form.
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Sources
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