SoFi Launches Tokenized Deposit Paying 4.40% APY With FDIC Coverage

The notable detail is the pairing: a tokenized deposit that keeps FDIC coverage while offering round-the-clock stablecoin conversion, which narrows the gap between bank deposits and onchain cash. That matters most for stablecoin issuers and yield products competing for the same dollar balances, since a federally insured wrapper removes a key objection to holding tokenized cash. Whether other banks follow with similar structures, and how the yield compares as rates move, is the open question worth watching.