Overview
- The partnership, announced Sept. 3, connects Payward (Kraken’s parent) to the SoFi Exchange Network so eligible Kraken institutional customers can clear and settle U.S. dollars at any hour.
- Kraken will list SoFiUSD, a SoFi Bank–issued stablecoin backed by cash and short-duration U.S. Treasury securities and designed to redeem one-for-one with the dollar.
- SoFi will route customer crypto order flow through Kraken Prime, giving SoFi trades access to Kraken’s smart order routing and wider liquidity pools without changing the SoFi app experience.
- The companies did not disclose revenue splits, listing timing, custody providers, or specific product launch dates, though they signaled possible future moves into payments, treasury, lending, and qualified custody.
- The tie-up widens stablecoin distribution for SoFi’s roughly 15–16 million members and could speed dollar transfers for traders and businesses while testing how bank-issued tokens and 24/7 settlement fit inside U.S. regulatory rules.