SOFID Stablecoin Now Available on Kraken

Kraken has announced that SoFiUSD (SOFID) is available for trading. The stablecoin, issued by SoFi Bank, N.A., holds a stable value relative to the U.S. dollar and is designed as a payment and settlement instrument rather than an investment product.

To trade SOFID on Kraken, navigate to Funding and select the asset to deposit. However, deposits made using networks not supported by Kraken will be lost.

Kraken has emphasized that holding or transferring SOFID does not create a redemption right with the issuer, and secondary market prices may move above or below one U.S. dollar. SoFi publishes reporting on outstanding supply and reserve composition, which is attested by an independent Certified Public Accountant licensed in the United States.