Kraken Parent Company Payward Partners with SoFi to Integrate Stablecoin and 24/7 Dollar Settlement
Payward, the parent company of cryptocurrency exchange Kraken, announced a partnership with SoFi aimed at integrating the SoFiUSD stablecoin into the Kraken platform and connecting the exchange to SoFi’s 24/7 US dollar settlement network. Under this collaboration, SoFi will access digital asset liquidity through Kraken Prime, while Payward will join the SoFi Exchange Network, unlocking new business banking features and 24/7 dollar settlement services for institutional clients.
Key Terms of the Partnership
The partnership will see SoFi integrate its dollar-backed stablecoin, SoFiUSD, issued by SoFi Bank in 2026, onto the Kraken platform. SoFiUSD is designed for payments and settlement, backed by reserves comprising cash and short-term US Treasury securities.
SoFi, which has 15.8 million members, previously offered crypto trading through its app. With the partnership, digital asset orders will channel through Kraken Prime, a platform featuring smart order routing to optimize pricing and market depth in real time.
Payward will join the SoFi Exchange Network (SEN), gaining access to SoFi’s business banking services. Meanwhile, Kraken’s institutional and business clients will benefit from round-the-clock US dollar settlement through SEN. The companies also indicated that qualified custody services might be incorporated as the partnership develops.
Expansion and Strategic Moves by Payward
This collaboration with SoFi fits into Payward and Kraken’s broader strategy to deepen ties with traditional finance. Media reports recently revealed a partnership with the London Stock Exchange Group to offer tokenized versions of major UK equities via LSE 24, a new 24/5 trading venue planned for 2027.
In August, Kraken introduced 24/7 exposure to the S&P 500 index through its funded trading program, with commodities expected to be added next.
Kraken has further expanded into public markets through xStocks, a tokenized equities platform developed by Backed Finance and acquired by Kraken in early 2026. Through this platform, eligible users have gained access to tokenized shares linked to IPOs like SpaceX and Jersey Mike's, sometimes receiving direct share allocations.
IPO Preparation and Outlook
Payward’s efforts to strengthen partnerships with traditional financial institutions coincide with its preparation to go public. The company confidentially filed a draft registration statement with the US Securities and Exchange Commission in November 2025.
However, the IPO has experienced multiple delays and may now take place no earlier than Q2 2027.
The enhanced network access through SoFi and expanded financial services infrastructure aim to bolster Payward’s position and investor appeal ahead of its public listing.
Why it matters
The partnership between Payward and SoFi marks a significant step in bridging cryptocurrency platforms with traditional financial infrastructure. The integration of the dollar-backed stablecoin SoFiUSD and access to SoFi’s 24/7 US dollar settlement network will provide Kraken’s institutional and business clients with convenient financial tools for instant settlements and broad liquidity access. At the same time, these moves strengthen Payward’s foothold in traditional finance and enhance its prospects for a successful IPO, which has faced multiple postponements. This development reflects the growing convergence between conventional finance and crypto sectors, creating expanded opportunities for product and service innovation.
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