SoFi launches SOFIE tokenized deposit paying 4.4% with FDIC insurance

SoFi launched SOFIE, a tokenized deposit where each token represents $1 held at SoFi Bank, paying 4.40% APY with FDIC insurance and convertible into a stablecoin. The product pairs yield with deposit protection that ordinary stablecoins typically lack. Traders should watch whether tokenized bank deposits pull capital from yield-bearing stablecoin products and how regulators treat the structure.