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U.S. financial services firm SoFi has launched SOFIE, a deposit token product that pays 4.4% annual interest, The Block reported. According to SoFi, this is the first time a U.S. national bank has directly offered tokenized deposits to retail customers.
SOFIE is valued at $1 per token, and customers can convert it one-to-one into SoFi’s stablecoin, SoFiUSD, to buy cryptocurrencies or transfer funds to external wallets. Deposits continue to earn interest until conversion and are protected by the U.S. Federal Deposit Insurance Corp. within statutory limits.