SOFI LAUNCHES TOKENIZED DEPOSIT THAT EARNS 4.4% IN STABLECOINS

Summary from the TLDR Crypto newsletter

SOFIE is the first consumer-facing tokenized deposit from a US nationally chartered bank, with each token representing $1 on deposit earning 4.40% APY under FDIC insurance. Members convert SOFIE one-to-one into SoFiUSD, which runs on Ethereum and Solana and settles SoFi's card program via Mastercard's network, connecting yield-bearing bank deposits to onchain rails. The product targets an estimated $64 billion in idle stablecoin capital (about 21% of the market) by adding yield and insurance protections that pure stablecoins lack. SOFIE is SoFi's fifth crypto product in under a year, following consumer token trading across 40+ assets and the SoFiUSD stablecoin launch, extending the bank's pattern of converting traditional financial primitives into onchain equivalents.