SoFi launched SOFIE, a tokenized deposit that pays 4.4% and is FDIC-insured. Members can swap it 1:1 into SoFiUSD, the bank's own stablecoin, 24/7.

Stablecoin issuers can't pay holders under the GENIUS Act. Banks can pay interest on deposits. So SoFi split the job: the deposit earns, the stablecoin moves.

SoFi dropped crypto in 2023 to get its bank charter. Since returning 11 months ago, it has launched SoFiUSD, which now settles its $25B+ card program on Mastercard, and now SOFIE.

SOFIE rolls out to all SoFi crypto members in the US by the end of November.