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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.

Crypto

Payward partners with SoFi to add SoFiUSD on Kraken

Payward, the parent company of cryptocurrency exchange Kraken, is partnering with U.S. fintech firm SoFi to strengthen stablecoin and round-the-clock dollar payments infrastructure. Payward plans to list SoFi’s dollar-pegged stablecoin SoFiUSD on Kraken and join the SoFi Exchange Network for real-time payments. The tie-up will allow Kraken’s institutional and corporate clients to settle U.S. dollar transactions 24/7 and may expand into qualified digital asset custody services.

Crypto

Stablecoin payment card volume tops $1 billion in August, hits records for volume, transactions and users

Stablecoin-based crypto payment cards hit monthly records in August for transaction value, number of payments and users. Payment volume reached $1.076 billion, marking a second straight month above $1 billion. Payments totalled about 10.67 million and active addresses rose to more than 283,000. RedotPay led by value and transactions. Growth was notable in emerging markets, while activity remained concentrated in a few programs and the overall market stayed small.