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Kraken parent Payward partners with SoFi on SoFiUSD and 24/7 USD settlement
The partnership would route SoFi’s digital asset orders through Kraken Prime and give Kraken institutional and business clients round-the-clock US dollar settlement via the SoFi Exchange Network.
Kraken parent Payward has partnered with SoFi to bring SoFiUSD, SoFi’s dollar-backed stablecoin, to Kraken and to connect the crypto platform to SoFi’s 24/7 US dollar settlement network, according to a deal announcement shared by Kraken.
Under the partnership, SoFi will use Kraken Prime as an additional source of digital asset liquidity, while Payward will join the SoFi Exchange Network. Kraken said the arrangement will also give Kraken institutional and business clients access to SEN for round-the-clock US dollar settlement.
SoFiUSD is issued by SoFi Bank and launched in 2026 for payments and settlement, with reserves held in cash and short-term US Treasurys. Kraken said SoFi will route digital asset orders through Kraken Prime, which uses smart order routing to evaluate pricing and market depth across supported venues and send orders where they can be filled most effectively.
The companies said qualified custody services could be added as the partnership expands. The SoFi deal follows earlier efforts by Payward and Kraken to connect more directly with traditional finance, including Payward’s reported partnership with London Stock Exchange Group to offer tokenized versions of UK equities via LSE 24, and Kraken’s expansion of funded trading exposure beyond crypto.