SoFi targets idle crypto cash with interest-bearing tokenized deposit
The bank-backed product pays 4.4% annual interest and is insured up to $250,000, giving crypto traders a regulated place to park cash.
- SoFi Technologies launched a 'tokenized deposit' product called SoFi Earn on Thursday, allowing customers to earn 4.4% interest on cash reserved for crypto purchases with Federal Deposit Insurance Corporation protection up to $250,000.
- The GENIUS Act, signed last year, barred stablecoin issuers from paying interest, creating an opening for traditional banks to offer regulated, interest-bearing alternatives to crypto-focused investors.
- SoFi CEO Anthony Noto said the product combines 'the earning power and protections of a bank deposit' with digital asset speed, targeting investors already participating in crypto who want idle money working.
- This move positions SoFi to compete in a space historically dominated by non-bank crypto firms, offering regulated alternatives that provide greater regulatory oversight than non-bank stablecoin issuers.
- Sam MacPherson, CEO at digital asset finance firm Spark, expects an 'inflection point' over the next year as traditional finance moves on-chain, with major institutions planning to issue dollar-pegged cryptocurrency in 2027.
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SoFi Launches First National Bank Retail Tokenized Deposits
SoFi has launched SoFi Earn, a tokenized bank deposit that pays about 4.4% interest and is FDIC-insured within applicable limits, which customers can convert into SoFiUSD for crypto purchases or blockchain transfers. The offering positions a regulated bank deposit as an interest-bearing alternative to stablecoins, whose issuers are barred from paying interest under federal law. · 16 sources across the spectrum on IJR News.
SoFi targets idle crypto cash with interest-bearing tokenized deposit
(Corrects annual percentage yield to 4.4 per cent from 4.2 per cent in paragraph 2 after company revised the figure)By Niket Nishant and Manya SainiOct 22 : SoFi Technologies on Thursday launched a "tokenized deposit" product that lets customers earn interest on cash set aside for crypto purchases, wh
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