SoFi Launches Tokenized Deposit Product SoFi Earn with Stablecoin Integration
SoFi Bank has introduced SoFi Earn, a tokenized deposit product offering 4.40% APY with FDIC insurance and stablecoin conversion capabilities.
SoFi Bank has introduced SoFi Earn, a tokenized deposit product offering 4.40% APY with FDIC insurance and stablecoin conversion capabilities. SoFiUSD (SOFID) is trading at $0.999. This is an original TLT brief synthesising 2 outlets (Cointelegraph, Unchained), plus live market data, as of Thu, 22 Oct 2026 19:00:06 UTC.
This development bridges traditional banking and crypto, offering users FDIC-insured yield while enabling seamless conversion to stablecoins for on-chain transactions, potentially expanding crypto adoption.
- SoFi Earn offers 4.40% APY with FDIC insurance on tokenized deposits.
- Deposits can be converted to SOFID stablecoin 24/7 for crypto transactions.
- SOFID has a market cap of $347.87M, according to DeFiLlama.
Cointelegraph and Unchained both report that SoFi Bank has launched SoFi Earn, a tokenized deposit product offering 4.40% APY with FDIC insurance. They agree that the product allows users to convert funds into SOFID, SoFi's stablecoin, for on-chain transactions. However, Unchained provides the additional detail that each SOFIE token represents $1 held at SoFi Bank, while Cointelegraph emphasizes the 24/7 conversion capability.
SoFi Bank has introduced SoFi Earn, a new tokenized deposit product that offers users a 4.40% annual percentage yield (APY) with FDIC insurance. This product allows users to convert their deposits into SOFID, SoFi's native stablecoin, which can then be used for cryptocurrency transactions or on-chain fund transfers.
According to Unchained, each SOFIE token represents $1 held at SoFi Bank, providing a direct link between traditional banking and the crypto ecosystem. The ability to convert deposits into stablecoins 24/7, as reported by Cointelegraph, offers users flexibility and immediate access to the crypto market.
The launch of SoFi Earn is corroborated by both Cointelegraph and Unchained, with both outlets highlighting the product's FDIC insurance and stablecoin conversion features. However, Unchained provides the additional detail about the SOFIE token's $1 peg, while Cointelegraph focuses on the 24/7 conversion capability.
The product's integration with SOFID is significant, as it allows users to seamlessly transition between traditional banking and the crypto market. This could potentially attract more users to the crypto space by providing a familiar and insured entry point.
As of the latest data, the SOFID stablecoin has a circulating supply of $347.87 million, according to DeFiLlama. The current price of SOFID is $0.999253, with minimal 24-hour and 7-day price movements. The broader crypto market is experiencing a downturn, with 
Bitcoin down 4.25% in the last 24 hours and the total market cap at $2.78 trillion. The Fear & Greed Index stands at 68, indicating a state of 'Greed.'
Since this brief published about 6 hours ago, SoFiUSD (SOFID) has moved from $0.9993 to $0.999 — -0.02%.
The chart plots SOFID's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 SOFID ≈ ₦1,366.22 (about $0.999), down 0.0% over 24 hours. The naira itself trades about 2.5% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · October 22, 2026.
TLT reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
SoFi Launches Tokenized Deposit Product SoFi Earn with Stabl — questions & answers
What is the APY offered by SoFi Earn?
SoFi Earn offers a 4.40% annual percentage yield (APY) on tokenized deposits.
Can users convert their deposits to stablecoins?
Yes, users can convert their deposits into SOFID, SoFi's native stablecoin, 24/7.
Is SoFi Earn FDIC insured?
Yes, SoFi Earn deposits are FDIC insured.
How much is 1 SoFiUSD worth in naira today?
About ₦1,366.22 at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $0.999. The naira price moves with both SOFID's US-dollar price and the USDT/NGN rate; use our SoFiUSD in naira page for any amount.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from Cointelegraph, Unchained, with the key figures cross-checked for agreement across them. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.