Key Highlights
- A strategic alliance between Payward (Kraken’s parent entity) and SoFi integrates SoFi’s banking infrastructure with Kraken’s trading systems
- Kraken will list SoFiUSD, a stablecoin backed by US dollars
- SoFi plans to leverage Kraken Prime for routing digital asset liquidity
- The partnership enables institutional users on both platforms to settle US dollar transactions around the clock
- This collaboration represents part of Kraken’s strategic expansion into conventional financial services as it prepares for a potential public offering
Payward, the parent entity of cryptocurrency exchange Kraken, has forged a strategic alliance with financial technology company SoFi to bridge SoFi’s real-time banking infrastructure with Kraken’s digital asset trading platform. The companies revealed this collaboration on September 3, 2026.
As part of this arrangement, Payward will become a participant in the SoFi Exchange Network (SEN), which serves as SoFi’s instant dollar settlement infrastructure. Additionally, SoFiUSD, a stablecoin pegged to the US dollar and issued by SoFi Bank, will become available for trading on the Kraken platform.
SoFiUSD made its debut in 2026, designed specifically for payment and settlement applications. The stablecoin maintains its value through reserves consisting of cash and short-duration US Treasury securities.
Benefits for Both Partners
Through this partnership, SoFi will channel its digital asset transactions via Kraken Prime, which employs sophisticated smart order routing capabilities. This arrangement provides SoFi with access to consolidated liquidity from numerous trading platforms instead of relying on a single exchange.
Meanwhile, Payward obtains entry to SoFi’s continuous dollar settlement infrastructure and commercial banking offerings. The partnership could potentially expand to include approved custody solutions as the relationship matures, according to both companies.
With a user base of 15.8 million members, SoFi currently provides cryptocurrency trading functionality within its mobile application. During Q2 2026, the company generated $134.3 million in crypto-related transaction revenue, representing a 10% increase compared to Q1.
Corporate and institutional users across both ecosystems will now have the capability to transfer dollars and manage their liquidity beyond conventional banking operating hours.
David Ripley, Co-CEO of Payward, commented: “Millions of people will buy their first crypto asset inside the app they already use for their paycheck.”
Payward’s Broader Traditional Finance Expansion Strategy
This agreement represents one element of Payward’s comprehensive strategy to diversify beyond purely cryptocurrency-focused operations.
Just days ago, reports emerged that the London Stock Exchange Group established a partnership with Payward to provide tokenized UK stocks via a new trading platform called LSE 24, which will operate 24 hours a day, five days a week, with an anticipated 2027 launch date.
Last month, Kraken introduced continuous access to S&P 500 index exposure via its funded trading offering. Plans are underway to incorporate commodities trading as well.
The company has also developed its tokenized securities platform, xStocks, following its acquisition of Backed Finance in early 2026. This platform has facilitated exposure to offerings connected with the SpaceX and Jersey Mike’s initial public offerings.
From a regulatory perspective, Payward filed an application with the Office of the Comptroller of the Currency seeking a national trust company charter in May. Additionally, Kraken Financial, its Wyoming-chartered banking subsidiary, secured approval for a Federal Reserve master account in March.
In November 2025, Payward confidentially filed a draft IPO registration statement with the SEC. Current market speculation indicates the public listing has been postponed until at minimum the second quarter of 2027.
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