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SoFi launches 4.4% interest-bearing tokenized deposit for customers
SoFi has introduced SoFi Earn, also known as SOFIE, a tokenized deposit that pays an annual percentage yield of 4.4 percent. The company says it is the first nationally chartered bank in the U.S. to offer tokenized deposits directly to individual customers. Each SOFIE is worth one dollar on deposit at SoFi Bank, and the deposit continues earning interest until it is converted. Deposits are covered by FDIC insurance within applicable limits. Users can convert SOFIE to SoFiUSD at a one-to-one rate to buy cryptocurrency or transfer funds to a supported external wallet. SoFiUSD, like other…
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