SoFi connects to Kraken Prime and launches SoFiUSD

SoFi Technologies reaches a strategic cooperation with Kraken's parent company Payward

On September 3, SoFi Technologies announced that its subsidiary Payward (Kraken's parent company) has established a partnership. The partnership combines SoFi's banking services and U.S. dollar settlement network with Kraken's digital asset trading infrastructure.

Summary of Core Cooperation Contents

Payward will connect to SoFi's Real-Time Settlement Network (SEN) to provide 24/7 US dollar transfer services to institutional customers. At the same time, the Kraken platform will launch SoFiUSD, allowing the bank-issued stablecoin convertible to US dollars to be circulated in a wider range of trading scenarios. In addition, SoFi will route digital asset orders through Kraken Prime as an additional source of liquidity. Although qualified hosting services may be introduced as cooperation deepens, the two parties have not yet announced a specific implementation timetable.

Real-time settlement and round-the-clock liquidity management

Payward will join the SoFi exchange network known as SEN (SoFi Exchange Network). The move aims to eliminate settlement delays that may occur while the cryptocurrency market continues to open and traditional banking services are shut down. Through Payward's participation, eligible Kraken institutional customers will be able to utilize these settlement channels for round-the-clock liquidity management.

Payward will also use SoFi's Big Business Banking service. SoFi launched the unit in April this year, aiming to integrate corporate banking, payments and digital asset capabilities into a single product. Previous reports pointed out that SoFi's enterprise platform achieves the integration of fiat and encryption services, allowing institutional customers to manage U.S. dollars, SoFiUSD and selected digital assets in a unified manner.

Kraken Prime executes SoFi crypto orders

SoFi will route its cryptocurrency order stream through Kraken Prime. Kraken Prime uses intelligent routing technology to compare prices and available market depth among multiple supported trading venues to select the best place to execute orders rather than relying on a single order book. Kraken said this arrangement could provide SoFi with deeper liquidity and better execution prices. However, the price the customer ultimately receives still depends on market conditions, order size, available liquidity and related fees.

Kraken Prime integrates trading, custody and other institutional services through a single relationship. SoFi describes it as an additional source of liquidity, which means the partnership does not mean Kraken will become SoFi's only executing provider.

SoFiUSD launches Kraken platform

Kraken will launch SoFiUSD for retail, professional and personal and institutional customers. The stablecoin is designed to maintain a 1:1 redeemable ratio to the U.S. dollar and is issued through SoFi's regulated banking structure. SoFiUSD was launched in the SoFi application in May this year. It initially supports Ethereum and Solana networks, allowing members to buy, sell, hold and convert the token. The product opens stablecoin access to nearly 15 million SoFi members.

Kraken's launch allows SoFiUSD to be distributed outside of the publisher's application. However, the parties did not disclose available trading pairs, supported deposit networks, initial liquidity or the exact time to market. Previously, SoFi has stated that federal stablecoin regulations may require SoFiUSD to be relocated to a separately licensed or regulated entity. This potential restructuring plan has been disclosed in advance and is not part of this Payward agreement.

Expansion convergence of two major financial platforms

This arrangement reflects the two-way expansion of the two companies: SoFi is expanding its banking business into digital asset trading, stablecoins and blockchain settlements; and Kraken has also expanded from pure cryptocurrency trading to equity, derivatives and institutional prime brokerage businesses.

According to SoFi's financial disclosure, its crypto business generated total revenue of US$121.6 million in the first quarter of 2026. Related costs reached $120.7 million, resulting in net crypto transaction revenue of approximately $852,000. Previous analysis has shown that transaction costs consume most of SoFi's crypto business revenue.

On September 3, SOFI shares closed at about $18.51, rising about 3.7% on the day, with an intraday trading range of $17.63 to $18.70. There is currently no conclusive evidence that Solely's share price rise is due to the cooperation announcement, and broader market conditions and company-specific trading activities may also have contributed.

The two sides stated that they may expand the partnership to include payments, treasury management, loans and other digital asset products in the future. These areas are still in the outlook stage, with no specific deadline or confirmed product launch plans announced.