Key Highlights
- Kraken’s parent entity Payward has formed a strategic alliance with SoFi to integrate banking and crypto trading systems
- Kraken will list SoFiUSD, a stablecoin backed by US dollars
- Digital asset liquidity routing will be handled through Kraken Prime for SoFi
- Round-the-clock dollar settlement becomes available for institutional users across both ecosystems
- This collaboration advances Kraken’s expansion into conventional financial services as it prepares for public listing
Payward, the entity behind cryptocurrency exchange Kraken, has forged a strategic alliance with financial technology company SoFi aimed at merging SoFi’s instantaneous banking infrastructure with Kraken’s digital asset trading capabilities. The collaboration was revealed on September 3, 2026.
Through this arrangement, Payward becomes a participant in the SoFi Exchange Network (SEN), which operates as SoFi’s instantaneous dollar settlement infrastructure. Additionally, Kraken will provide trading access to SoFiUSD, a stablecoin pegged to the US dollar and issued by SoFi Bank.
Introduced in 2026, SoFiUSD serves payment and settlement functions, with backing maintained through cash holdings and short-duration United States Treasury securities.
Benefits for Both Partners
Through Kraken Prime, SoFi will execute digital asset transactions using sophisticated order routing capabilities. This arrangement provides SoFi with liquidity access spanning numerous trading platforms instead of relying on a single marketplace.
In return, Payward obtains entry to SoFi’s continuous dollar settlement infrastructure and corporate banking offerings. According to both organizations, qualified custody solutions may be incorporated as the relationship develops.
With a membership base of 15.8 million users, SoFi currently provides cryptocurrency trading functionality within its mobile application. During Q2 2026, crypto-related transaction revenue reached $134.3 million, representing a 10% increase compared to Q1.
Corporate and institutional users operating on either platform will gain the ability to transfer dollars and handle liquidity beyond conventional banking operating hours.
According to Payward Co-CEO David Ripley, “Millions of people will buy their first crypto asset inside the app they already use for their paycheck.”
Payward’s Broader Traditional Finance Strategy
This partnership represents one component of Payward’s comprehensive strategy to extend its operations beyond cryptocurrency trading.
Reports emerged earlier this week indicating that London Stock Exchange Group entered into a partnership with Payward to provide tokenized British equities via a new trading platform called LSE 24, operating 24 hours daily, five days weekly, with a planned 2027 launch.
Last month, Kraken introduced continuous access to S&P 500 exposure via its funded trading offering. Plans include adding commodities trading in the future.
Kraken has also developed its tokenized securities platform, xStocks, following its acquisition of Backed Finance in early 2026. This infrastructure has facilitated exposure offerings connected to initial public offerings including SpaceX and Jersey Mike’s.
From a regulatory perspective, Payward filed an application with the Office of the Comptroller of the Currency seeking approval for a national trust company charter in May. Meanwhile, Kraken Financial, its Wyoming-chartered banking entity, secured a Federal Reserve master account in March.
In November 2025, Payward confidentially filed a draft IPO registration with the SEC. Current reports indicate the public listing has been delayed until Q2 2027 at minimum.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
