US company SoFi introduced SoFi Earn (SOFIE) on 22 October, a tokenised deposit issued by SoFi Bank for consumers. Each token represents one dollar held at the bank, earns interest and is covered by FDIC deposit insurance up to 250,000 dollars, like an ordinary deposit. SoFi Crypto users can convert it one to one into the SoFiUSD stablecoin to buy crypto or send money on-chain. After conversion, the funds are no longer an insured deposit.

What it means: The difference between a tokenised deposit and a stablecoin is one of the most important questions in the debate about the future of money, and SoFi puts it in front of the end user. A deposit in token form remains a liability of the bank, with interest and deposit insurance, while a stablecoin is a different product without interest or the same protection. SoFi uses both, letting customers choose when they want safety and when they want mobility on a blockchain. In Europe the same debate runs on different terms: MiCA bans interest on e-money tokens, while banks and the ECB are exploring tokenised deposits and settlement in central bank money. For Greek banks, the US example suggests tokenised deposits could be the banking answer to stablecoin pressure, keeping funds on the bank's balance sheet. For consumers, the key point is disclosure: it has to be completely clear when money is an insured deposit and when it is not. Supervisors will look closely at whether the switch from one to the other is properly explained, because that is where the risk of misunderstanding lies.

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