SOFIFriday, 23 Oct 2026

SOFIE tokenised deposit launched, the first from a national bank for consumers, and a small 10b5-1 share sale by Keough

On 22 Oct SoFi launched SOFIE (SoFi Earn), the first tokenised deposit issued to consumers by a national bank. Each token stands for $1 on deposit at SoFi Bank, earns 4.40% annualised and is FDIC-insured up to the applicable limits. It can be swapped 1:1 for the SoFiUSD stablecoin, after which deposit insurance no longer applies.

It rolls out to SoFi Crypto users in stages from this month to November and does not affect the Q3 numbers. It is the fifth crypto product in under a year (crypto trading in Nov 2025, SoFiUSD in Dec 2025, large-enterprise banking in 2026 and now SOFIE), and settlement for SoFi's whole card programme on the Mastercard network is already done in SoFiUSD. The moat is the bank charter. The Clarity Act has stalled in Congress over whether stablecoins can pay interest. Stablecoin issuers cannot pay interest for now, whereas SoFi can pay it compliantly through bank deposits and still offer a route into stablecoins. Banks such as Citi currently offer tokenised deposits only to institutions, and SoFi is the first to do it at consumer level. The target pool is about $64 billion (Federal Reserve research: 21.2% of the stablecoin market sits in long-dormant wallets), and Noto told Fortune that crypto users and crypto companies are the easiest customers to win. The 4.40% rate is a high cost of funds, so the effect on net interest margin needs watching once the product scales. Tokenised deposits can circulate only among SoFi customers, which makes them less open than stablecoins. Keough sold 10,203 shares on 20 Oct at an average of $14.72, about $150,000, under a 10b5-1 plan set up on 30 Jul 2025. That is only 2.5% of directly held shares and carries no signal. Q3 results are due after the close on 27 Oct, US Eastern time.

Key evidence

Company press release, 22 Oct (Business Wire): SOFIE (SoFi Earn) is the first tokenised deposit issued by a national bank to consumers. Each SOFIE token corresponds to $1 on deposit at SoFi Bank, earns 4.40% annualised and is FDIC-insured up to the applicable limits. It can be swapped 1:1 for the SoFiUSD stablecoin, to buy crypto assets in the app or to make 24/7 transfers on the blockchain. Once converted to SoFiUSD, it no longer carries deposit insurance.
Rollout: available to SoFi Crypto users in stages from this month to November, with no effect on the Q3 numbers. The company has given no size target.
The fifth crypto product in under a year: crypto trading in Nov 2025 (now supporting more than 40 coins), then SoFiUSD in Dec 2025, then large-enterprise banking in 2026 (fiat and digital assets on one platform), and now SOFIE.
Settlement for SoFi's whole card programme on the Mastercard network is already done in SoFiUSD (press release).
Fortune, 22 Oct (interview with Noto): the Clarity Act recently stalled in Congress, mainly over whether stablecoins can pay interest. Stablecoin issuers cannot pay interest for now, whereas SoFi can pay it compliantly as a bank deposit while keeping a route into stablecoins. Banks such as Citi currently offer tokenised deposits only to institutional clients, and SoFi is the first to offer them at consumer level.
The press release cites Federal Reserve research: about $64 billion of stablecoins (21.2% of the stablecoin market) sit in long-dormant wallets. Noto says crypto users and crypto companies are the easiest customers to win.

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Flywheel effect: idle funds of crypto users become SoFi Bank deposits while also driving crypto trading and stablecoin use, which is positive for deposit growth and products per member.
Risks: 4.40% is a high cost of funds, so the effect on net interest margin needs watching once the product scales. Fortune points out that tokenised deposits can circulate only among SoFi customers and are less open than stablecoins.
EDGAR Form 4 filed on 22 Oct: executive vice president Kelli Keough sold 10,203 shares on 20 Oct (code S, an outright sale) at a weighted average price of $14.72, about $150,000. The sale was made under a 10b5-1 plan set up on 30 Jul 2025. Keough still holds 397,870 shares directly after the sale (only about 2.5% sold). Characterised as a small, routine sale under a pre-set plan, with no signal value.
Q3 results are due after the close on 27 Oct, US Eastern time.

Catalysts to watch

Q3 2026 results after the close on 27 Oct, US Eastern time (watch deposit growth driven by crypto products, products per member and net interest margin guidance)
Completion of the staged rollout of SOFIE to SoFi Crypto users in November
Next steps for the Clarity Act in Congress (whether the stablecoin interest provision is unblocked or stays stalled)
Disclosure of SOFIE balances in later quarterly reports (the company has no size target for now)

Risks

The 4.40% rate is a high cost of funds and will put pressure on net interest margin once SOFIE scales
Tokenised deposits can circulate only among SoFi customers, so they are less open than stablecoins and the network effect is limited
The company has given no size target, so the product has to be validated by balances disclosed in later quarterly reports
Once converted to SoFiUSD, FDIC deposit insurance no longer applies, which carries a cost in user awareness and risk education
If the Clarity Act passes and allows stablecoins to pay interest, SoFi's bank-charter moat is weakened
Risk of regulatory change for crypto products (crypto under a national bank charter is a policy-sensitive area)

Sources 4

SoFi press release, 22 Oct (Business Wire)
Fortune, 22 Oct: interview with Anthony Noto
Federal Reserve research (the $64 billion / 21.2% figure for stablecoins in long-dormant wallets, as cited in the press release)
SEC EDGAR Form 4, 22 Oct (Kelli Keough 10b5-1 sale)

A brief is a lead for our research, not a verified conclusion or advice.