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SoFi Launches Tokenized Bank Deposit Product With Stablecoin Conversion Feature

October 23, 2026, 1:45 PM UTC (3 hours ago) · 1 source · Summarized by CryptoBipto

SoFi has introduced a yield-bearing tokenized bank deposit product that includes the ability to convert holdings into stablecoins. The product, reportedly called SoFi Earn, represents a move by the fintech company to bridge traditional banking deposits with blockchain-based digital assets.

WHY IT MATTERS

Think of a bank deposit as money you keep in a savings account at a bank. Tokenizing that deposit means creating a digital version of it on a blockchain, which is the same technology that powers cryptocurrencies. This digital version can potentially be moved, traded, or converted more easily than a traditional deposit. A stablecoin is a type of cryptocurrency designed to maintain a steady value, usually pegged to the U.S. dollar. SoFi's new product attempts to let users earn interest on their deposit while also being able to convert it into a stablecoin, essentially bridging the world of traditional banking with the world of crypto. For people new to crypto, this kind of product could make it easier to move between dollars in a bank and digital dollars on a blockchain without needing to use a separate crypto exchange.

SoFi, a publicly traded financial technology company that holds a U.S. banking charter, has launched a tokenized deposit product that pays yield and offers conversion into stablecoins.

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Clear explanations of the subjects this article touches, with every term defined.

What are stablecoins, NFTs and tokenized assets?What stablecoins are and how they hold a steady value, what an NFT represents, and what it means to tokenize a real-world asset.