SoFi Launches Tokenized Deposit Product for Crypto Buyers

SoFi Technologies launched a tokenized deposit product called SoFi Earn on October 22, 2026. The product allows customers to earn 4.4% annual interest on cash reserved for cryptocurrency purchases, providing a regulated alternative to interest-bearing stablecoins.

Eligible deposits are insured by the Federal Deposit Insurance Corporation up to $250,000. The launch follows the GENIUS Act, which prohibited stablecoin issuers from paying interest and created a market gap for traditional banks. Users can earn yield while maintaining the ability to buy cryptocurrency directly or transfer funds to other platforms.

CEO Anthony Noto stated that the product targets people who already participate in crypto and want their money to remain active. The move comes as other major financial institutions, including Goldman Sachs and Bank of America, prepare to enter the dollar-pegged cryptocurrency market by 2027.