Kraken Parent Payward Partners With SoFi on SoFiUSD Stablecoin and 24/7 Settlement

Payward, the parent company of crypto exchange Kraken, has struck a partnership with fintech firm SoFi to integrate the SoFiUSD stablecoin and connect to SoFi's 24/7 dollar settlement network. Under the deal announced Thursday, SoFi will route digital asset orders through Kraken Prime, the exchange's institutional liquidity platform, giving SoFi access to multi-venue pricing and market depth via smart order routing. Payward will simultaneously join the SoFi Exchange Network (SEN) and gain access to SoFi's business banking services, with qualified custody services potentially added later.

SoFiUSD, issued by SoFi Bank, is a dollar-backed stablecoin launched in 2026 for payments and settlement, backed by reserves in cash and short-term US Treasurys. The integration gives Kraken's institutional and business clients round-the-clock US dollar settlement through SEN, while SoFi's 15.8 million members gain expanded crypto liquidity options. SoFi already offers crypto trading through its app and will now leverage Kraken Prime to evaluate pricing across multiple trading venues rather than relying on a single order book.

The SoFi tie-up continues Payward's broader push into traditional finance ahead of its anticipated IPO. Earlier this week, the London Stock Exchange Group reportedly partnered with Payward to offer tokenized UK equities through LSE 24, a 24/5 trading venue slated for a 2027 launch. In August, Kraken added round-the-clock S&P 500 exposure through its funded trading program and expanded its xStocks tokenized equities platform—originally developed by Backed Finance, which Kraken acquired in early 2026—to offer eligible users exposure to shares tied to recent IPOs including SpaceX and Jersey Mike's. Payward has reportedly delayed its IPO plans multiple times after confidentially submitting a draft registration statement to US regulators.