Kraken parent Payward has partnered with SoFi in a deal that will bring SoFiUSD to Kraken and connect the crypto platform to SoFi’s 24/7 dollar settlement network.
Under the partnership, 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, while Kraken’s institutional and business clients will gain access to SEN for round-the-clock US dollar settlement.
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.
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 based on 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.
Related: Kraken parent Payward acquires Magic Labs’ wallet business
Payward expands traditional finance ties
The SoFi partnership follows a series of moves by Payward and Kraken to expand beyond crypto markets and build ties with traditional financial institutions.
Earlier this week, 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 that the listing has been pushed to the second quarter of 2027 at the earliest.
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