SoFi and Payward, the company behind Kraken, have entered a strategic partnership aimed at connecting banking infrastructure with digital asset markets. The agreement brings together SoFi's payment and settlement network with Payward's crypto trading and institutional infrastructure. Deals of this kind — a regulated U.S. bank directly coupling its settlement rails and a dollar stablecoin with a major crypto exchange — have become more common as U.S. federal stablecoin legislation, signed into law in July 2025, established a regulatory framework for payment stablecoins and opened the door for banks to issue them.

Payward announced the deal on X (Twitter):

We're proud to join @SoFi in bringing banking and crypto markets closer together. Through the partnership: → Payward joins the SoFi Exchange Network → SoFiUSD is coming to @KrakenFX → SoFi will route member crypto orders through @KrakenPrimeHQ One infrastructure layer,… pic.twitter.com/aXVSxZEnG6 — Payward (@Payward) September 3, 2026 (X post)

Kraken Gains Access to 24/7 Dollar Settlement

As part of the deal, Payward will join the SoFi Exchange Network (SEN), SoFi's real-time settlement network. Eligible institutional clients will be able to use the network to clear and settle U.S. dollar transactions 24 hours a day, seven days a week.

One of the primary differences between conventional finance and crypto is that crypto markets are open for business around the clock, while traditional dollar settlement through banks and wire systems operates on limited business-hours windows. The connection is intended to bridge that gap. Institutional users of Kraken will be able to move USD and operate liquidity outside banking hours using SEN. Payward will also benefit from SoFi's business banking services as the two firms continue building out their financial infrastructure relationship.

SoFiUSD Heads to Kraken

The partnership will also bring SoFiUSD to Kraken, giving the stablecoin exposure to Kraken's retail, professional, and institutional customer base.

SoFiUSD is a dollar-backed stablecoin issued by SoFi and designed to maintain a 1:1 value with the U.S. dollar. The asset combines blockchain transfer capabilities with the infrastructure of a regulated banking institution. Listing SoFiUSD on Kraken connects the token directly to a major digital asset exchange, which may make it easier for users to access than if it were restricted to the SoFi ecosystem.

The move is also viewed as a sign of the growing role of stablecoins as a bridge between traditional cash and crypto exchanges. Beyond serving as trading instruments, dollar-linked tokens are increasingly being used in payments, settlement, and liquidity systems. Major financial institutions, including large banks and payment networks, have announced their own stablecoin initiatives in recent years, and exchange listings of bank-issued tokens remain relatively rare, which makes this listing a notable datapoint in the convergence between banks and crypto platforms.

Kraken Prime to Power Additional SoFi Liquidity

By tapping into Kraken Prime, SoFi will add liquidity for crypto transactions in its app. SoFi already offers an in-platform exchange where users can buy and sell crypto; Kraken Prime will become an additional source of liquidity behind those transactions, and the companies expect the arrangement to support more competitive pricing and execution.

As the relationship progresses, qualified custody services may be incorporated at certain stages.

The partnership gives both companies broader reach across traditional finance and crypto: SoFi provides the banking, payments, and dollar settlement infrastructure, while Payward contributes exchange liquidity, prime brokerage, and digital asset market access. The deal links a large consumer financial platform with institutional-level crypto infrastructure. SoFi has 15.8 million members, providing a substantial connection between consumer finance and institutional-grade services. Early indicators to watch as the arrangement rolls out include when SoFiUSD goes live on Kraken, which institutional clients gain SEN eligibility, and whether the mentioned custody services are formally added.

Source: Payward press release, CryptoNinjas