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FollowingKraken's parent company Payward has partnered with SoFi to bring SoFiUSD to the Kraken platform and connect the encryption platform to SoFi's $24/7 settlement network.
Under the cooperation agreement, SoFi will use Kraken Prime as an additional source of digital asset liquidity, while Payward will join the SoFi Trading Network (SEN) and gain access to SoFi's corporate banking services.
The two companies said that as the cooperation deepens, qualified hosting services may be added in the future. At the same time, Kraken's institutional and commercial customers will be able to implement round-the-clock dollar settlement through SEN.
SoFiUSD is issued by SoFi Bank and is a dollar-anchored stablecoin launched in 2026 for payments and settlements. Its reserve assets include cash and short-term U.S. Treasury bonds.
According to a blog post posted by Kraken on Thursday, SoFi will route orders for digital assets through Kraken Prime. Kraken Prime uses intelligent order routing technology to evaluate the pricing and liquidity depth of each supporting trading platform in real time, and route orders based on the location where orders can be most effectively traded.
SoFi has 15.8 million members and already provides cryptocurrency trading services through its app. Kraken said routing these transactions to Kraken Prime will allow SoFi to gain liquidity from multiple trading platforms rather than relying on a single order book.
Related: Kraken parent company Payward acquires Magic Labs wallet business
Payward expands traditional financial cooperation
The partnership with SoFi is part of a series of initiatives by Payward and Kraken to move beyond the crypto market and connect with traditional financial institutions.
Earlier this week, it was reported that the London Stock Exchange Group had partnered with Payward to provide tokenized versions of the UK's leading stocks through LSE24, a 24/5 trading platform to be launched in 2027. In August this year, Kraken increased its all-weather exposure to the S & P 500 through its financing trading program, and is expected to launch commodity products later.
Kraken has also expanded into the open market through xStocks. xStocks is a tokenized stock platform developed by Backed Finance, which Kraken acquired in early 2026. Kraken has since used the platform to provide eligible users with stock exposure related to SpaceX and Jersey Mike's IPOs through tokenization of shares and in some cases direct stock allocations.
Payward's entry into the traditional financial sector comes as the company is preparing to go public, but its IPO plan is rumored to have been delayed several times.
The company secretly submitted a draft registration statement with the Securities and Exchange Commission in November 2025. However, there are reports that the launch time has been postponed to at least the second quarter of 2027.
Magazine: Recovery experts cracked a billion dollar encrypted wallet... but only found $10
