SoFi unveils bank-issued tokenized deposit for yield-bearing crypto funds

SoFi Bank launched SoFi Earn, a tokenized deposit product paying 4.40% APY with FDIC insurance coverage. Users can convert their funds into stablecoins around the clock, seven days a week. The move matters because a federally insured bank is bridging traditional deposits and stablecoin liquidity, a structure that could pull more mainstream capital toward crypto rails and pressure yield-bearing stablecoin products to compete.