SoFi launches tokenized deposit SOFIE paying 4.40% APY
- —SOFIE is SoFi Crypto's first bank deposit token, backed by deposits at SoFi Bank
- —The 4.40% APY is listed as a promotional rate and can change
- —Tokens swap 1:1 for SoFiUSD, which is issued on Ethereum and Solana
- —SoFi cites Fed research putting about $64B in stablecoins in dormant wallets
Why it matters: A nationally chartered bank is offering deposit insurance and yield in token form, a direct challenge to stablecoins that pay no interest.
Source: Inside Bitcoins