Kraken's parent company, Payward, has entered a partnership with SoFi that will bring SoFiUSD to the Kraken platform and connect the crypto exchange to SoFi's 24/7 US dollar settlement network.

Under the agreement, SoFi will use Kraken Prime as an additional source of digital asset liquidity, while Payward will join the SoFi Exchange Network (SEN) and gain access to SoFi's business banking services. The companies said qualified custody services could be added as the partnership expands, and Kraken's institutional and business clients will gain access to SEN for round-the-clock US dollar settlement. The tie-up pairs a major crypto exchange holding company with a large US digital banking platform, a combination that has become more common as traditional financial firms and crypto-native companies increasingly build direct infrastructure links rather than working purely through third-party intermediaries.

SoFiUSD, issued by SoFi Bank, is a dollar-backed stablecoin launched in 2026 for payments and settlement, with reserves held in cash and short-term US Treasurys. It joins an expanding field of bank-issued dollar tokens, following the entry of players such as JPMorgan's JPM Coin in institutional payments and a wave of deposit-token and stablecoin launches by US banks after federal legislation established a regulatory framework for payment stablecoins in 2025. (Source: Payward)

According to a Thursday blog post from Kraken, SoFi will route digital asset orders through Kraken Prime, which uses smart order routing to evaluate pricing and market depth across supported venues in real time and route orders to where they can be filled most effectively.

SoFi has 15.8 million members and already offers crypto trading through its app. Kraken said routing those trades through Kraken Prime will give SoFi access to liquidity across multiple trading venues rather than relying on a single order book.

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Payward expands traditional finance ties

The SoFi partnership follows a series of moves by Payward and Kraken to broaden their footprint beyond crypto markets and build ties with traditional financial institutions.

Earlier this week, the London Stock Exchange Group reportedly partnered with Payward to offer tokenized versions of leading UK equities through LSE 24, a new 24/5 trading venue set to launch in 2027. In August, Kraken added round-the-clock exposure to the S&P 500 through its funded trading program, with commodities expected to follow.

Kraken has also expanded into public markets through xStocks, the tokenized equities platform developed by Backed Finance, which Kraken acquired in early 2026. The exchange has since used the platform to offer eligible users exposure to shares tied to the SpaceX and Jersey Mike's IPOs through tokenized equities and, in some cases, direct share allocations. (Source: Kraken)

Payward's push into traditional finance comes as the company prepares to go public, although its IPO plans have reportedly been pushed back several times. The company confidentially submitted a draft registration statement to the US Securities and Exchange Commission in November 2025. However, reports indicate the listing has been pushed to the second quarter of 2027 at the earliest. The deal with SoFi adds recurring, regulated-infrastructure revenue relationships that could feature in that eventual listing story, and further moves to watch include whether the qualified custody services mentioned by the companies are formalized and whether other major exchanges strike similar banking-network partnerships.

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