SoFi launches 4.4% APY tokenized deposits, redeemable 1:1 for SoFiUSD
According to The Block, US fintech company SoFi Technologies has launched an interest-bearing tokenized deposit product for crypto users called SoFi Earn (SOFIE), offering an annual percentage yield of 4.4% and FDIC deposit insurance coverage within applicable limits. Users can access the product via SoFi Crypto and redeem SOFIE for the SoFiUSD stablecoin at a 1:1 ratio, which can be used to purchase cryptocurrencies or transferred to supported external wallets.
