SoFi Bank has launched SOFIE.
SoFi has officially announced its latest product SoFi Earn (SOFIE) allowing consumers to earn 4.4% in its tokenized deposit account. This is swappable 1:1 with its SoFiUSD stablecoin.
Recently, SoFi launched its stablecoin settlement with Mastercard for card spending.
Tokenized Deposits and FDIC
Tokenized deposits are becoming an alternative for consumers.
It allows banks to offer better savings and earning opportunities with protection.
SoFi’s latest product ensures that tokenized deposit accounts are insured as per the cover from the Federal Deposit Insurance Corporation (FDIC). Typically this can be upto $250K per individual.
In April, the regulator released its own proposals and FDIC U.S. Genius Act rules.
It stated that tokenized deposits do not require additional regulations like stablecoins because the underlying technology (blockchain) does not change the deposits themselves.
A few weeks ago, Canadian regulator CDIC released a similar interpretation on tokenized deposits.
