Mentioned:
SoFi Technologies has a new ambition: tokenized deposits.
What’s happening:
- SoFi Technologies (NASDAQ: SOFI) has launched a new tokenized deposit at SoFi Bank known as SoFi Earn
Why it matters:
- SoFi Earn is a tokenized deposit that allows users to earn 4.40% in annual interest, is convertible 1:1 into SoFiUSD and is federally insured for up to $250,000 USD
Going deeper:
- SoFi Technologies has publicly stated that this is the first and only tokenized deposit that has ever been launched to consumers in the United States
- SoFi Technologies has been aggressively rolling out new crypto products throughout the year, including notably partnering with Mastercard to use their stablecoin SoFiUSD as a settlement currency on Mastercard’s global network
