SoFi Brings Stablecoin to Kraken in Partnership Deal

SoFi Technologies Inc., the parent company of online lender SoFi, has partnered with Payward, the infrastructure company behind the Kraken exchange. The deal brings SoFi's stablecoin, SoFiUSD, onto Kraken, giving it access to millions of retail and institutional clients.

The partnership covers banking, payments, liquidity, and digital asset markets. Payward will use SoFi's Big Business Banking capabilities and join the SoFi Exchange Network. This arrangement allows for 24/7 dollar transactions for institutional clients on Kraken. In return, SoFi will utilize Kraken Prime as an additional source of digital asset liquidity.

CEO Anthony Noto stated that 'the financial system should not shut down when markets stay open.' The listing of SoFiUSD on Kraken is expected to improve pricing for members already trading crypto in the app. With this move, SoFi aims to expand its reach beyond its 15.8 million users.