Markets · Tokenized deposits
SoFi puts a bank deposit on-chain and says it is no stablecoin
SoFi's product terms describe SOFIE as a deposit liability of SoFi Bank and keep it apart from SOFID, the bank's payment stablecoin, a line the new federal stablecoin rule also draws.
A U.S. national bank now offers a dollar token that its own terms define as a bank deposit, not a stablecoin, so the money sits on the bank's balance sheet under deposit rules rather than in a reserve-backed coin. SoFi's product disclosures describe SOFIE as "a tokenized deposit representing a deposit liability of SoFi Bank, N.A., Member FDIC," and state plainly that "SOFIE is not a payment stablecoin" [1]. The page says SOFIE funds are "eligible for FDIC insurance," and a footnote puts that at "up to $250,000 per depositor" [1].
The same page keeps a second token apart. SOFID, which SoFi calls "a payment stablecoin designed to maintain a stable value relative to the U.S. dollar," gets the opposite treatment: "SOFID is not a deposit, is not insured by FDIC or SIPC, and is not legal tender," the disclosures say. SoFi adds that SOFID "is intended to be redeemable 1:1 for US dollars, with reserves consisting primarily of cash" [1].
Fig. 1. SoFi's two tokens side by side, drawn only from SoFi's disclosure text. One is a liability of the bank; the other is a stablecoin the bank makes available.
The split matters because of how federal law now sorts these products. The OCC's final rule implementing the GENIUS Act, the 2025 federal stablecoin law, on public inspection at the Federal Register, meaning posted for public viewing before official publication, since 8:45 a.m. ET on Oct. 22 and scheduled for publication on Oct. 23, quotes the statute's definition of a payment stablecoin [3]. Footnote 1 of the document says the term does not include "a deposit (as defined in 12 U.S.C. 1813), including a deposit recorded using distributed ledger technology" (FR Doc. 2026-21706). Le Coin covered the rule itself, which takes effect Jan. 18, 2027, on Oct. 21 [4]. SoFi's wording tracks that line: SOFIE claims the deposit side of it, SOFID the stablecoin side.
The terms that come with a deposit are on SoFi's rate sheet. It lists an interest rate of 4.31368% and an annual percentage yield of 4.40% for an Individual Tokenized Deposit Account, "Effective as of October 20, 2026" [2]. The product page says the APY "is variable and subject to change at any time," that there is no minimum balance and that "Fees may reduce earnings" [1]. The rate sheet says interest accrues daily and is credited monthly, and that SoFi may change the rate "at any time at SoFi Bank's discretion" with "no limit on the amount or frequency of any change" [2].
The evidence so far is product pages and a rate sheet. SoFi has posted no investor-relations release on SOFIE and has filed no 8-K, the form public companies use to report material events, about it, based on checks of investors.sofi.com and SEC EDGAR at about 9:10 a.m. ET.
In Le Coin's view, the objection is that a label on a disclosure page is not a legal ruling. The deposit-versus-stablecoin question turns on the account agreement and on how the OCC treats the product, and SoFi's pages point readers to a separate "SoFi Bank Tokenized Deposit Account Agreement" for the full terms [1]. Calling a token a deposit does not by itself settle what holders can do with it or how it behaves under stress.
The tell is whether SoFi files anything. An 8-K or an investor release would show whether management treats SOFIE as material and how it reports the balances.
Sources
- SoFi, SoFi Digital Money product page and disclosures, https://www.sofi.com/crypto/earn/, accessed Oct. 22, 2026, 9:10 a.m. ET.
- SoFi Bank, Tokenized Deposit Rate Sheet, effective as of Oct. 20, 2026, https://www.sofi.com/crypto/legal/tokenized-deposit-rate-sheet/, accessed Oct. 22, 2026, 9:10 a.m. ET.
- Office of the Comptroller of the Currency, final rule implementing the GENIUS Act, FR Doc. 2026-21706, on public inspection Oct. 22, 2026, 8:45 a.m. ET, scheduled for publication Oct. 23, 2026, https://www.federalregister.gov/public-inspection/2026-21706/implementing-the-guiding-and-establishing-national-innovation-for-us-stablecoins-act-for-the, accessed Oct. 22, 2026, 9:09 a.m. ET.
- Le Coin, "Bank regulator sets stablecoin rules that take effect January 18," Oct. 21, 2026, https://lecoin.news/protocols-policy/occ-genius-stablecoin-final-rule-2026-10-21/
Fig. 1 data: labels from SoFi's disclosures in [1] and the rate sheet in [2]; no market data.
Holding the Corner.
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