SoFi Ties Up with Kraken on Banking and Stablecoin

SoFi Technologies has linked its banking network and stablecoin to Kraken through a new deal. The companies announced that Payward, the parent of Kraken, will connect to the SoFi Exchange Network (SEN). This connection allows institutional clients to clear and settle U.S. dollar transactions at any time, even outside conventional banking hours.

The partnership also enables SoFi to use Kraken Prime as an additional source of liquidity for crypto trades placed through the SoFi app. This could improve trade pricing for SoFi customers, according to the companies. Qualified custody services may be added later.

Kraken will list SoFi's stablecoin, SoFiUSD, for retail and institutional customers in addition to this connectivity. The move is part of Payward's efforts to expand its regulated financial infrastructure.