SoFi Launches Tokenized Deposit That Earns 4.4% and Converts to a Stablecoin
Summary
SoFi has introduced a new tokenized deposit product backed by funds held at its banking institution. The digital asset offers a yield along with federal deposit insurance protection. Additionally, holders can easily convert the asset into a standard stablecoin.
Each SOFIE token represents $1 on deposit at SoFi Bank, earning 4.40% APY with FDIC insurance—a yield-and-protection combination ordinary stablecoins lack.
Source: Read the full story at Decrypt
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