USD
SoFi, Kraken Link Banking Rails, Stablecoin and Crypto Liquidity
Deal connects dollar settlement, SoFiUSD distribution and Kraken Prime execution
TL;DR
- SoFi Technologies and Payward announced a September 3, 2026 partnership connecting Kraken to SoFi’s banking and dollar-settlement infrastructure.
- Kraken will list SoFiUSD for retail, professional and institutional customers, while SoFi will add Kraken Prime as a crypto liquidity source.
- The companies said the arrangement is designed to extend settlement beyond traditional banking hours and improve trade execution for SoFi customers.
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SoFi Technologies and Payward, the parent company of Kraken, announced a September 3, 2026 partnership that will connect Kraken to SoFi’s dollar-settlement network, bring SoFiUSD to Kraken customers and add Kraken Prime as another liquidity source for crypto trades made through the SoFi app.
Payward will join the SoFi Exchange Network, known as SEN, giving Kraken’s institutional clients access to SoFi’s banking infrastructure for clearing and settling U.S. dollar transactions outside conventional banking hours. The settlement capability has also been characterized as supporting clients seeking 23/7/365 settlement, allowing money and liquidity to move on a schedule closer to that of digital-asset markets.
SoFi said the expanded settlement window would improve money movement for Kraken clients. “Extending settlement beyond traditional banking hours also enhances the money movement process, allowing clients to move money and manage liquidity on an always-on schedule,” SoFi said.
SoFi CEO Anthony Noto said the arrangement addresses the gap between continuously operating markets and conventional financial infrastructure. “The financial system should not shut down when markets stay open,” Noto said in a statement.
Payward Co-CEO David Ripley said the financial infrastructure supporting markets needs to evolve alongside the markets themselves. “Money and markets are converging into a new financial paradigm, and the infrastructure underneath has to catch up,” Ripley said.
Ripley said the relationship is intended to connect SoFi’s consumer-facing financial platform with Kraken’s market infrastructure. “Collaborating with SoFi lets us close that gap, and it works in both directions. Millions of people will buy their first cryptoasset inside the app they already use for their paycheck, and the infrastructure behind that experience should connect them to deep, liquid markets built to operate at scale.”
Kraken to List SoFiUSD as SoFi Adds Prime Liquidity
Kraken will list SoFiUSD for retail, professional and institutional customers, giving users access to the SoFi stablecoin through Kraken’s exchange platform. Customers will be able to buy, sell and trade using SoFiUSD, extending the stablecoin beyond SoFi’s own financial ecosystem.
SoFi will meanwhile use Kraken Prime as an additional source of liquidity for crypto transactions placed through the SoFi app. Kraken Prime provides services that include trade execution and custody for institutions and trading platforms, and the companies said its integration could improve pricing for SoFi customers.
“Kraken Prime will enable better pricing for SoFi members on trades they already make on the app,” SoFi said. Qualified custody services may also be added later as the companies expand the relationship.
The Kraken Prime connection will supplement rather than replace SoFi’s existing liquidity-sourcing model. When a SoFi customer places a crypto trade, the platform can source the required asset from external markets, and Kraken Prime will become another venue available during that execution process.
The agreement therefore links three parts of the companies’ infrastructure: Payward and Kraken gain access to SoFi’s banking and dollar-settlement rails, Kraken distributes SoFiUSD across additional customer segments, and SoFi gains Kraken Prime as another source of crypto trading liquidity.
Deal Extends Both Companies’ Crypto Infrastructure Push
The partnership follows a series of digital-asset initiatives by both companies. SoFi announced plans in June 2025 to return to crypto after ending its earlier offering two years before that announcement.
SoFi began rolling out trading for as many as 30 crypto assets in November 2025, allowing customers to fund purchases directly from SoFi checking and savings accounts. The company introduced SoFiUSD in December 2025 as a stablecoin for trading, payments and business transfers.
SoFi expanded SoFiUSD to the Solana blockchain in May 2026, extending the token’s blockchain reach before the agreement to list it on Kraken.
Payward has also expanded Kraken’s regulated financial infrastructure. The company began considering a Kraken public offering in March 2025 after the U.S. Securities and Exchange Commission agreed to dismiss its lawsuit against the exchange.
Kraken Financial secured access to the Federal Reserve’s payment systems in March 2026. Days later, Payward formed a tokenized-equities partnership with Nasdaq, adding another element to its broader financial-market infrastructure strategy.
The September agreement brings those parallel efforts together by linking SoFi’s banking rails and stablecoin infrastructure with Kraken’s exchange distribution, institutional liquidity and execution capabilities.
SOFI shares rose more than 2% following the announcement. The stock remained down more than 4% across the preceding five trading sessions and down 31% year-to-date.
FAQ
What is the SoFi Exchange Network?
SEN is SoFi’s dollar-settlement network, which Payward will use for Kraken institutional clients.
Who will be able to trade SoFiUSD on Kraken?
Kraken plans to offer SoFiUSD to retail, professional and institutional customers.
What will Kraken Prime provide to SoFi?
Kraken Prime will serve as another liquidity source for crypto trades placed through the SoFi app.
Could the partnership expand further?
Yes. Qualified custody services may be added later.
This article has been refined and enhanced by ChatGPT.
