SoFi and Payward, the parent company of Kraken, are bringing banking infrastructure and crypto markets closer together in a new strategic partnership.
Announced on September 3, the agreement connects SoFi’s banking and settlement capabilities with Kraken’s digital-asset trading infrastructure. The partnership is designed to give eligible institutional Kraken clients access to 24/7 U.S. dollar clearing and settlement through the SoFi Exchange Network (SEN).
But the deal goes beyond dollar settlement.
It brings together three separate pieces: institutional payments, stablecoin distribution and crypto trade execution.
Payward Joins SoFi’s Settlement Network
Under the agreement, Payward will participate in the SoFi Exchange Network.
For eligible institutional Kraken customers, the connection is expected to provide real-time U.S. dollar clearing and settlement around the clock, seven days a week.
SoFi and Payward described the arrangement as a bridge between SoFi’s banking infrastructure and Kraken’s digital-asset markets.
The companies have not disclosed when the service will become available to customers or provided details about which institutions will qualify.
Kraken to List SoFiUSD
The partnership also gives Kraken a new stablecoin to distribute across its platform.
Kraken plans to make SoFiUSD available to retail, professional and institutional customers. The exchange describes the asset as a bank-issued stablecoin designed to maintain a one-to-one redemption value against the U.S. dollar.
SoFi launched SoFiUSD in December 2025. The company says the token is issued by SoFi Bank, fully reserved and backed one-to-one by cash.
SoFi also describes SoFiUSD as the first stablecoin issued by a national bank on a public, permissionless blockchain.
The planned Kraken listing expands the token’s potential reach while adding a distribution layer to the broader partnership.
SoFi Adds Kraken Prime for Crypto Execution
The relationship works in the other direction, too.
SoFi plans to use Kraken Prime as an additional source of liquidity and trade execution for crypto orders placed through its app.
Kraken says its Prime platform can route orders across supported trading venues in an effort to obtain competitive pricing.
That gives the partnership a reciprocal structure:
- Payward gains access to SoFi’s settlement infrastructure for eligible institutional customers.
- Kraken gains another distribution channel for SoFiUSD.
- SoFi gains access to Kraken Prime as an additional liquidity and execution venue for crypto transactions.
Neither company disclosed transaction volumes, commercial terms or how much of SoFi’s crypto order flow could ultimately be executed through Kraken Prime.
Three Pieces of One Partnership
Taken together, the agreement links three important parts of the digital-asset ecosystem: fiat settlement, stablecoins and crypto execution.
For Kraken, participation in SEN could strengthen the connection between traditional U.S. dollar banking rails and institutional crypto markets.
For SoFi, the partnership adds Kraken’s trading infrastructure to its crypto offering while providing another venue for liquidity.
SoFiUSD gives the arrangement a third dimension. With the stablecoin already launched and backed by cash, Kraken provides a major crypto-market venue through which the dollar-linked asset can reach additional users.
The companies have not disclosed the expected transaction volumes or financial terms of the agreement, leaving the ultimate scale of the partnership to be determined as the services roll out.
Disclaimer: This article is for informational purposes only and does not constitute legal, tax, investment, financial or other professional advice.
