SoFi's SOFIE Tokenized Deposit (4.40% APY) Challenges USDC / Circle
SoFi launched SOFIE, the first national bank-issued tokenized deposit for consumers, paying 4.40% APY — a direct competitive shot at USDC, which pays 0% yield under the GENIUS Act.
What we know
An account on X broke down the threat to Circle: USDC issuers cannot pay yield under the GENIUS Act, while SOFIE offers 4.40% variable APY, is FDIC-insured, and converts 1:1 to SoFiUSD. It rolls out to SoFi Crypto members through November. The stablecoin yield wars are becoming a bank vs. crypto-native issuer battle, with regulated deposit tokens now offering a compelling alternative.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.