According to CoinMeta, as reported by The Block, American fintech company Sofi has announced the launch of a yield-bearing tokenized deposit product Sofi Earn ( Sofie ) for individual customers, offering an annual yield of 4.4% ( APY ). These deposits are also covered by the deposit insurance provided by the Federal Deposit Insurance Corporation of America ( FDIC ) within applicable limits. Sofi states that this is the first time a national chartered bank in the United States has offered tokenized deposits directly to individual customers. Each Sofie token corresponds to a $1 deposit in Sofi Bank. Users can exchange these tokens for the stablecoin SofiUSD at a 1:1 ratio through Sofi Crypto and use them to purchase cryptocurrencies or transfer funds to supported external wallets around the clock. Sofie continues to accrue interest before the exchange, but the exchanged SofiUSD tokens do not enjoy the same deposit insurance coverage as FDIC deposits. Sofi plans to complete the promotion to cryptocurrency users by November.