New Web Product
SoFi Launches FDIC-Insured Tokenized Deposit
SoFi, a financial services company, has launched SOFIE, a tokenized deposit that yields 4.40% annually and is insured by the FDIC up to $250,000. Each token represents a dollar deposited in SoFi Bank, which can be converted into SoFiUSD, a stablecoin not insured by the FDIC. The product is available to SoFi Crypto customers starting today and ending in November.