Kraken, SoFi Link Up Banking Networks in Stablecoin Deal

SoFi Technologies and Kraken parent company Payward have formed a new partnership that links their banking networks and introduces SoFi's stablecoin to Kraken. This connection will allow Kraken's institutional clients to clear and settle U.S. dollar transactions at any time, including outside conventional banking hours.

The deal also makes Kraken Prime an additional source of liquidity for crypto trades placed through the SoFi app, potentially improving trade pricing for SoFi customers.

As part of this partnership, SoFi's stablecoin, SoFiUSD, will be listed on Kraken for retail, professional, and institutional customers. This move is seen as a step towards building banking and crypto infrastructure.