SoFi Launches Interest-Bearing Tokenized Deposit Convertible to SoFiUSD Stablecoin

SoFi's move is notable because it blurs the line between a bank deposit and a stablecoin, keeping the yield-bearing deposit wrapper while adding onchain convertibility into its own SoFiUSD. That matters most for bank-adjacent issuers and stablecoin competitors, since it tests whether users value a token that still carries deposit-like interest over a pure stablecoin. The open question is whether this dual structure attracts meaningful onchain usage or remains a niche bridge, and how regulators treat a tokenized deposit that converts into a stablecoin.