SoFi Launches an Interest-Bearing Tokenized Deposit That Converts Into Its SoFiUSD Stablecoin
By Unchained
AI summary of the source article
SoFi Technologies launched SoFi Earn (SOFIE), an interest-bearing tokenized deposit offering a 4.40% APY. The FDIC-insured tokens can be converted one-for-one into the bank's SoFiUSD stablecoin to purchase crypto or transfer to external wallets.
Why it matters
According to SoFi CEO Anthony Noto, the product "combines the earning power and protections of a bank deposit with the speed and utility of digital assets" to address idle money in the digital asset ecosystem.
Key facts
- SOFIE tokens represent $1 held at SoFi Bank, are FDIC-insured up to applicable limits, and launched with a 4.40% APY.
- Holders can swap SOFIE one-for-one into the SoFiUSD stablecoin to purchase crypto or send funds to outside wallets.
- Unlike SOFIE, SoFiUSD is not considered a deposit and is not FDIC-insured.
Source excerpt · Unchained
Each SOFIE token represents $1 held at SoFi Bank and can be converted into the company's stablecoin to buy crypto or send funds onchain. The post SoFi Launches an Interest-Bearing Tokenized Deposit That Converts Into Its SoFiUSD Stablecoin appeared first on Unchained .