SoFi Technologies and Payward, the parent company of Kraken, have agreed a partnership linking SoFi’s banking and dollar-settlement services with Kraken’s digital asset trading infrastructure.
Under the agreement announced on 3 September, Payward will join the SoFi Exchange Network, known as SEN. The connection will allow eligible institutional Kraken customers to transfer and settle US dollars around the clock, including outside traditional banking hours.
Kraken will also list SoFiUSD, a bank-issued stablecoin designed to be redeemable for US dollars on a one-to-one basis. The move will give the token distribution beyond SoFi’s own banking application.
SoFi, meanwhile, will use Kraken Prime as an additional source of liquidity and execution for cryptocurrency orders placed through its application.
SEN is designed to allow institutional customers to manage and settle US dollar transfers continuously. The companies said the arrangement would help address delays that can occur when cryptocurrency markets remain open while conventional banking services are unavailable.
Digital asset markets operate 24 hours a day, seven days a week, whereas many standard bank transfers are still restricted by business days and scheduled processing windows. Payward will also gain access to SoFi’s Big Business Banking division, which was launched in April to bring enterprise banking, payments and digital asset services together.
SoFi’s enterprise platform combines fiat and cryptocurrency services, allowing institutional customers to manage US dollars, SoFiUSD and selected digital assets.
Kraken Prime to handle additional SoFi order flow
Orders routed through Kraken Prime will be processed using smart-routing technology. The system compares prices and available market depth across supported trading venues before selecting where an order should be executed, rather than depending on a single order book.
Kraken said the agreement could give SoFi access to greater liquidity and better execution pricing. However, the price ultimately available to a customer will continue to depend on market conditions, order size, available liquidity and applicable fees.
Kraken Prime brings together trading, custody and other institutional services through one relationship. SoFi’s description of Kraken Prime as an additional liquidity provider indicates that Kraken will not necessarily become its exclusive execution partner.
The relationship could later be expanded to include qualified custody services. Neither company has set a timetable, identified a custody provider or said which assets might eventually be covered.
Kraken’s listing of SoFiUSD will be available to retail, professional and institutional customers. SoFi first introduced the stablecoin through its application in May, initially supporting the Ethereum and Solana networks. Members were able to buy, sell, hold and convert the token.
The launch made stablecoin services available to nearly 15 million SoFi members. The Kraken agreement is expected to extend access beyond SoFi’s own platform, although the companies have not disclosed the available trading pairs, supported deposit networks, initial liquidity arrangements or exact listing time.
SoFi has previously said that federal stablecoin legislation could require SoFiUSD to move to a separately licensed or regulated entity. That potential restructuring was disclosed before the Payward agreement and has not been presented as part of the new partnership.
The deal reflects the expansion of both businesses. SoFi is adding cryptocurrency trading, stablecoins and blockchain-based settlement to its banking operations, while Kraken has moved beyond digital asset trading into equities, derivatives and institutional prime brokerage.
SoFi reported $121.6m in cryptocurrency transaction revenue during the first quarter of 2026. Related costs totalled $120.7m, leaving about $852,000 in net crypto transaction revenue. Crypto.news previously reported that transaction costs absorbed most of SoFi’s cryptocurrency revenue.
SOFI shares closed near $18.51 on 3 September, up about 3.7% during the session, after trading between $17.63 and $18.70. There was no verified evidence that the partnership announcement alone caused the rise, with wider market conditions and company-specific trading also potentially contributing.
The companies said they could broaden the relationship to cover payments, treasury services, lending and further digital asset products. Those areas remain prospective, with no deadlines or confirmed launches announced.
