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SoFi Technologies and Kraken parent Payward announced a partnership on Sept. 3 connecting SoFi’s banking and dollar-settlement services with Kraken’s digital asset trading infrastructure.
Payward will join the SoFi Exchange Network, known as SEN, while Kraken will list the SoFiUSD stablecoin. SoFi will use Kraken Prime as an additional liquidity and execution provider for <a href="https://xpertsstudio.com/zec-crypto-breaks-1000-enters-top-10-as-volume-jumps-173/” title=”ZEC crypto breaks $1,000, enters top 10 as volume jumps 173%”>cryptocurrency trades placed through its application.
SoFi gives Kraken access to 24/7 dollar settlement
SEN allows institutional clients to transfer and settle U.S. dollars outside traditional banking hours. Payward’s participation will give eligible Kraken institutional customers access to those settlement rails for round-the-clock liquidity management.
The companies said the connection removes delays that can arise when cryptocurrency markets remain open but banking services are unavailable. Digital asset platforms operate continuously, while many conventional bank transfers remain tied to business days and scheduled processing periods.
Payward will also use SoFi’s Big Business Banking services. SoFi introduced that division in April to combine enterprise banking, payments and digital asset capabilities within one offering.
As previously reported, SoFi’s enterprise platform brought fiat and crypto services together while allowing institutional customers to manage U.S. dollars, SoFiUSD and selected digital assets.
Kraken Prime will execute SoFi crypto orders
SoFi will route cryptocurrency order flow through Kraken Prime, which uses smart routing to compare prices and available market depth across supported trading venues. The system selects where an order should be executed rather than relying on one order book.
Kraken said the arrangement could provide SoFi with deeper liquidity and improved execution pricing. The final price available to a customer will still depend on market conditions, order size, available liquidity and applicable fees.
Kraken Prime combines trading, custody and other institutional services through one relationship. SoFi described it as an additional liquidityts sole execution provider
Qualified custody services may be added as the relationship develops. Neither company provided a launch date, named a custody entity or described which assets could eventually receive that support.
“The infrastructure behind that experience should connect them to deep, liquid markets built to operate at scale,” Payward co-CEO David Ripley said.
SoFiUSD expands beyond SoFi’s banking application
Kraken will list SoFiUSD for retail, professional and institutional customers. The stablecoin is designed to maintain one-to-one redemption for U.S. dollars and is issued through SoFi’s regulated banking structure.
SoFiUSD became available through SoFi’s application in May. The initial rollout supported Ethereum and Solana, giving members the ability to buy, sell, hold and convert the token. The product opened stablecoin access to nearly 15 million SoFi members.
The Kraken listing gives SoFiUSD distribution outside its issuer’s application. However, the companies did not disclose available trading pairs, supported deposit networks, initial liquidity or the precise listing time.
SoFi has also said federal stablecoin rules may require SoFiUSD to migrate to a separately licensed or regulated entity. That possible restructuring was disclosed earlier and is not described as part of the Payward agreement.
Partnership connects two expanding financial platforms
The arrangement reflects expansion from both directions. SoFi is adding digital asset trading, stablecoins and blockchain settlement to its banking services. Kraken has expanded beyond cryptocurrency trading into equities, derivatives and institutional prime brokerage.
SoFi’s crypto business generated $121.6 million in transaction revenue during the first quarter of 2026, according to its financial disclosures. Related costs reached $120.7 million, leaving approximately $852,000 in net crypto transaction revenue. Crypto.news previously found that transaction costs consumed most of SoFi’s crypto revenue.
SOFI shares closed near $18.51 on Sept. 3, up approximately 3.7% for the session. The shares traded between $17.63 and $18.70 during the day.
No verified evidence showed that the partnership announcement alone caused the increase. Broader market conditions and company-specific trading may also have contributed.
The companies said they could extend the relationship into payments, treasury services, lending and additional digital asset products. Those areas remain prospective, with no deadlines or confirmed product launches announced.
Source: cryptonews.net