According to CoinMeta, SoFi Technologies has announced the launch of an interest-bearing tokenized deposit product, SOFIE, with an annual yield of 4.4%. This product is insured by the Federal Deposit Insurance Corporation of the United States, FDIC, within the applicable limits. Each SOFIE corresponds to a $1 deposit, and members can exchange it for the stable coin SOFIUSD at a 1:1 ratio through SoFi Crypto. Interest continues to be accrued on the deposits before they are exchanged, and SOFIUSD is not covered by the insurance provided by FDIC. The full rollout to crypto members is expected to be completed in November. CEO Anthony Noto states that the goal is to allow funds to continue to generate income before they are used, combining the benefits and protection of bank deposits with the speed and utility of digital assets.