Crypto Users Get 4.4% Interest-Bearing Deposits From SoFi

On October 22, SoFi announced SoFi Earn, or SOFIE, its fifth crypto product in under a year, with a variable 4.40% annual percentage yield and rollout to members through November. SOFIE is a deposit liability of SoFi Bank, with each unit representing $1 on deposit and FDIC insurance applying up to applicable limits; it is not a payment stablecoin. The design responds to the GENIUS Act, signed in July 2025, which prohibits payment stablecoin issuers from paying interest; SoFiUSD, introduced in December 2025 as the first stablecoin from a U.S. national bank, is covered by that prohibition. SOFIE is excluded from SoFi’s $3 million insured deposit program, and its balances count toward the standard $250,000 FDIC limit.