SoFi and Kraken Unite in Groundbreaking Stablecoin Deal

SoFi Technologies and Payward, parent company of crypto exchange Kraken, have partnered to link SoFiUSD, a bank-issued stablecoin, with Kraken's platform. This integration provides retail, professional, and institutional customers with access to the SoFi Exchange Network (SEN) for continuous U.S. dollar settlement outside conventional banking hours.

The partnership allows SoFi to list its stablecoin on Kraken, giving it distribution across one of the crypto industry's most established exchange ecosystems. Meanwhile, Payward gains access to SoFi's business banking services and can use SEN for 24/7 U.S. dollar settlement.

SoFi CEO Anthony Noto stated that 'the financial system should not shut down when markets stay open.' The partnership is part of a broader push by Kraken into traditional finance, with the company expanding into tokenized public markets and securing access to the Federal Reserve's payment systems.