Payward Integrates SoFiUSD Stablecoin with Kraken Exchange

Kraken's parent company Payward has partnered with SoFi to integrate SoFiUSD, SoFi's dollar-backed stablecoin, onto Kraken. The partnership will also connect Kraken to SoFi's 24/7 US dollar settlement network. SoFi's digital-asset trading activity will be routed through Kraken Prime using smart order routing technology.

The integration aims to bring together the best of both worlds: the efficiency and speed of traditional finance with the flexibility of cryptocurrency. By partnering with Payward, SoFi gains access to institutional trading and liquidity capabilities, while Payward joins the SoFi Exchange Network (SEN) for round-the-clock US dollar settlement.

The partnership is a significant step forward in bridging the gap between crypto and traditional finance. It highlights Kraken's broader strategy of deeper ties with traditional financial rails and tokenized market access.