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SOL SoFi Technologies and Kraken parent company Payward announced on Thursday that the two companies will connect cryptocurrency exchanges to SoFi's dollar settlement network and launch SoFi's stablecoins on the Kraken platform.
Payward will join the SoFi Exchange Network (SEN), allowing Kraken's institutional customers to settle U.S. dollar transactions at any time, including outside of regular banking hours.
SoFi will also use Kraken Prime as an additional source of liquidity for cryptocurrency transactions through the SoFi app. Prime brokers provide services such as trade execution and custody to institutions and trading platforms.
Both companies said Kraken Prime is expected to improve transaction pricing for SoFi customers. Qualified hosting services may also be added in the future.
SoFi CEO Anthony Noto said in a statement: "While markets remain open, the financial system should not close."
As part of the transaction, Kraken will launch SoFi's stablecoin SoFiUSD for retail, professional and institutional customers.
Building banking and cryptocurrency infrastructure
This transaction is Payward's latest move. In March 2025, Payward began considering a Kraken listing after the U.S. Securities and Exchange Commission agreed to drop its lawsuit against it.
SoFi announced its return to the cryptocurrency space in June of the same year, two years after it terminated its early crypto services. In November, SoFi began launching transactions for up to 30 crypto-assets, allowing customers to fund purchases from SoFi checking and savings accounts.
The company launched SoFiUSD in December as a tool for transactions, payments and corporate transfers.
Payward expanded its regulated financial infrastructure in 2026. Kraken Financial gained access to the Federal Reserve's payments system in March. A few days later, Payward entered into a tokenized stock partnership with Nasdaq. Then in May, SoFi extended SoFiUSD to the Solana blockchain.
