SoFi announced SoFi Earn, or SOFIE, on October 22, calling it the first tokenized consumer deposit issued by a nationally chartered US bank, according to Bitcoin.com News. Each SOFIE token stands for $1 held at SoFi Bank, pays a 4.40% annual percentage yield and carries Federal Deposit Insurance Corporation coverage up to applicable limits. At that rate a $5,000 balance would earn about $220 over a year if the balance and rate held steady. The structure is the notable part. SOFIE is a bank deposit in token form, and it converts one for one into SoFiUSD, the bank's separate stablecoin, which handles blockchain transfers and purchases of more than 40 cryptocurrencies. That split lets SoFi pay interest on the deposit side while keeping a separate token for moving money. Chief executive Anthony Noto has described the opening as digital dollars that earn nothing while they sit. Rollout is gradual through November, and the announcement gives no specific eligibility rules or detail on how the insurance applies to tokens held outside SoFi's own platform.