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Kraken joins SoFi settlement network, lists SoFiUSD stablecoin

The tie-up lets Kraken’s institutional clients move U.S. dollars and manage liquidity 24/7 through SoFi’s settlement network, while SoFi adds Kraken Prime liquidity for customer crypto trades.

Reported · Written up by our desk · Market Structure

Kraken is partnering with SoFi to connect their banking and crypto trading operations, with the companies saying they will link SoFi’s dollar settlement network to Kraken’s trading infrastructure.

According to a CoinDesk report, Kraken parent Payward will join SoFi’s 24/7 dollar settlement rails by entering the SoFi Exchange Network, enabling Kraken’s institutional clients to move U.S. dollars and manage liquidity around the clock rather than limited banking hours.

The companies also said Kraken will list SoFiUSD, SoFi’s bank-issued stablecoin. In return, SoFi will use Kraken Prime as an additional source of liquidity for customers’ crypto trades.

CoinDesk notes the deal reflects a broader push by crypto exchanges and fintechs to expand into payments and banking, with SoFi aiming to let businesses move money across networks without the delays of traditional banking infrastructure.

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