SoFi Technologies and Kraken parent Payward announced Thursday that the two companies will connect the crypto exchange to SoFi's dollar settlement network and bring SoFi's stablecoin to Kraken.

Under the agreement, Payward will join the SoFi Exchange Network, known as SEN, enabling Kraken's institutional clients to clear and settle U.S. dollar transactions at any time, including outside conventional banking hours. That around-the-clock capability addresses a long-standing friction point in crypto markets, which trade continuously while traditional dollar settlement depends on banks that operate on limited weekday hours.

In addition, SoFi will use Kraken Prime as an additional source of liquidity for crypto trades placed through the SoFi app. A prime broker provides services such as trade execution and custody to institutions and trading platforms. The companies said Kraken Prime could improve trade pricing for SoFi customers, and qualified custody services may be added later.

"The financial system should not shut down when markets stay open," SoFi CEO Anthony Noto said in a statement.

As part of the deal, Kraken will list SoFi's stablecoin, SoFiUSD, for retail, professional, and institutional customers. The listing gives SoFiUSD broader distribution at a time when competition among dollar-pegged stablecoins has intensified following the enactment of U.S. federal stablecoin legislation in 2025, which established a regulatory framework for payment stablecoin issuers.

Building banking and crypto infrastructure

The partnership is the latest move from Payward, which in March 2025 began considering a Kraken public offering, after the Securities and Exchange Commission agreed to dismiss its lawsuit against the exchange.

SoFi announced plans to return to crypto that June, two years after ending its earlier offering. In November, it began rolling out trading for as many as 30 crypto assets, allowing customers to fund purchases from SoFi checking and savings accounts.

The company introduced SoFiUSD in December as a tool for trading, payments, and and business transfers.

Payward has expanded its regulated financial infrastructure in 2026. Kraken Financial secured access to the Federal Reserve's payment systems in March. Days later, Payward formed a tokenized-equities partnership with Nasdaq. This was followed in May, when SoFi expanded SoFiUSD to the Solana blockchain. The new partnership extends that pattern of convergence between regulated banking infrastructure and crypto trading venues, and further listings, custody additions, and integration rollouts are the practical next steps to watch.