Crypto
SoFi launches SOFIE tokenised deposit offering 4.4 percent annual yield
Fintech firm SoFi has launched SOFIE, a tokenised deposit product offering a 4.4 percent annual return. The product issues bank deposits in token form while maintaining deposit insurance coverage and allows users to convert holdings into SoFiUSD, a dollar-linked stablecoin, for cryptocurrency trading. SOFIE deposits are insured by the FDIC up to $250,000 per depositor by account ownership type, while SoFiUSD is not FDIC-insured.
