SoFi Integrates Banking Rails with Kraken Crypto Trading

SoFi Technologies has teamed up with Payward, the parent company of Kraken, to integrate their banking infrastructure and crypto trading business. The partnership allows SoFi's bank-issued stablecoin, SoFiUSD, to be listed on Kraken, giving customers access to a dollar-backed stablecoin.

The more significant aspect is the integration of SoFi Exchange Network, a real-time settlement system that enables institutional clients to clear and settle U.S. dollar transactions around the clock. This addresses a long-standing mismatch between crypto markets that trade continuously and a banking system that does not.

SoFi's CEO Anthony Noto framed the deal as building infrastructure where money moves without delays, while Payward co-CEO David Ripley described it as responding to a new financial paradigm that requires updated underlying infrastructure. SoFi has 15.8 million members and its Tech Solutions division serves over 134 million accounts globally.

The partnership is part of a broader trend of exchanges and fintechs building toward each other, with crypto platforms adding stocks, derivatives, and payments, and banks and neobanks adding stablecoins and blockchain settlement. Kraken has confidentially filed for an IPO in November 2025 and this deal demonstrates its institutional-grade banking relationships ahead of any listing.