Payward Partners with SoFi to Integrate Stablecoin and 24/7 Dollar Settlement

Kraken's parent company Payward has announced a partnership with SoFi to integrate SoFiUSD, a dollar-backed stablecoin, into Kraken. The collaboration will also connect Kraken to SoFi's 24/7 dollar settlement network.

Under the agreement, SoFi will use Kraken Prime as an additional source of digital asset liquidity, while Payward will join SoFi Exchange Network (SEN) and gain access to SoFi's business banking services. Qualified custody services could be added as the partnership expands, allowing Kraken's institutional and business clients to access SEN for round-the-clock US dollar settlement.

The deal marks another step in Payward's expansion into traditional finance, following recent partnerships with London Stock Exchange Group and the acquisition of Magic Labs' wallet business. SoFi has 15.8 million members and already offers crypto trading through its app, but routing those trades through Kraken Prime will give SoFi access to liquidity across multiple trading venues.