TLDR
- Payward (Kraken’s parent) and SoFi have partnered to connect SoFi’s banking network with Kraken’s trading infrastructure
- SoFiUSD, a dollar-backed stablecoin, will be listed on Kraken
- SoFi will use Kraken Prime for digital asset liquidity routing
- Institutional clients on both platforms can now settle US dollars 24/7
- The deal is part of Kraken’s broader push into traditional finance ahead of a planned IPO
Kraken’s parent company Payward has struck a deal with fintech firm SoFi to connect SoFi’s real-time banking network with Kraken’s crypto trading infrastructure. The partnership was announced on September 3, 2026.
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 @KrakenPrimeHQOne infrastructure layer,… pic.twitter.com/aXVSxZEnG6
— Payward (@Payward) September 3, 2026
Under the agreement, Payward will join the SoFi Exchange Network, known as SEN, which is SoFi’s real-time dollar settlement system. SoFiUSD, a dollar-backed stablecoin issued by SoFi Bank, will also be listed on Kraken.
SoFiUSD launched in 2026 for payments and settlement purposes. Its reserves are held in cash and short-term US Treasurys.
What Each Company Gets
SoFi will route digital asset orders through Kraken Prime, which uses smart order routing technology. This gives SoFi access to liquidity across multiple trading venues rather than a single order book.
Payward will gain access to SoFi’s 24/7 dollar settlement network and its business banking services. The companies said qualified custody services could be added as the partnership grows.
SoFi has 15.8 million members and already offers crypto trading through its app. Crypto transaction revenue hit $134.3 million in the second quarter of 2026, up 10% from the first quarter.
Institutional clients on both platforms will be able to move dollars and manage liquidity outside of traditional banking hours.
“Millions of people will buy their first crypto asset inside the app they already use for their paycheck,” Payward Co-CEO David Ripley said.
Kraken’s Wider Push Into Traditional Finance
This deal fits into a larger pattern of moves by Payward to expand beyond crypto markets.
Earlier this week, London Stock Exchange Group reportedly partnered with Payward to offer tokenized UK equities through a new 24/5 trading venue called LSE 24, set to launch in 2027.
In August, Kraken added round-the-clock exposure to the S&P 500 through its funded trading program. Commodities are expected to follow.
Kraken has also built out its tokenized equities platform, xStocks, through the acquisition of Backed Finance in early 2026. The platform has been used to offer exposure tied to the SpaceX and Jersey Mike’s IPOs.
On the regulatory side, Payward applied to the Office of the Comptroller of the Currency for a national trust company charter in May. Its Wyoming-chartered bank, Kraken Financial, received a Federal Reserve master account in March.
Payward confidentially submitted an IPO draft registration to the SEC in November 2025. Reports suggest the listing has been pushed to the second quarter of 2027 at the earliest.
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