SoFi has launched a tokenized deposit that earns 4.40% APY and can be converted to a stablecoin, according to the announcement. Each SOFIE token represents $1 on deposit at SoFi Bank.
According to the announcement, the token carries FDIC insurance and earns 4.40% APY. SoFi presents this combination of yield and protection as one that ordinary stablecoins lack.