Kraken parent Payward partners with SoFi to offer stablecoin and 24/7 dollar settlement
Payward, the parent company of crypto exchange Kraken, has partnered with financial services firm SoFi to integrate SoFi’s dollar-backed stablecoin, SoFiUSD, into Kraken’s platform. The deal also connects Payward to SoFi’s 24/7 dollar settlement network, enabling round-the-clock transactions for Kraken’s institutional and business clients.
A stablecoin is a type of cryptocurrency designed to hold a steady value, typically tied to a traditional asset like the US dollar.
SoFi will use Kraken Prime, Payward’s institutional trading service, to access additional digital asset liquidity. Kraken Prime uses smart order routing to evaluate pricing and market depth in real time, helping SoFi fill orders more effectively across multiple trading venues rather than relying on a single order book.
Key details of the partnership
- SoFiUSD, a stablecoin issued by SoFi Bank, will be available on Kraken. The coin is backed by cash and short-term US Treasurys.
- Payward will join the SoFi Exchange Network (SEN), gaining access to SoFi’s business banking services.
- Kraken’s institutional clients will use SEN for 24/7 US dollar settlements.
- The companies may add qualified custody services as the partnership expands.
SoFi’s reach and Kraken’s role
SoFi, which has 15.8 million members, already offers crypto trading through its app. By routing trades through Kraken Prime, SoFi gains access to broader liquidity across multiple trading platforms.
Payward’s push into traditional finance
This partnership follows other moves by Payward and Kraken to bridge crypto and traditional finance. Earlier this week, the London Stock Exchange Group reportedly partnered with Payward to offer tokenized versions of UK equities. Kraken has also expanded into public markets through xStocks, a tokenized equities platform, offering exposure to assets like SpaceX and Jersey Mike’s IPOs.
Payward has confidentially submitted a draft registration statement for an initial public offering (IPO) to the US Securities and Exchange Commission, though reports suggest the listing may be delayed until at least the second quarter of 2027.
