SoFi Kraken partnership brings 24/7 dollar settlement to crypto trading

SoFi Technologies and Kraken’s parent company Payward have struck a partnership that stitches together traditional banking rails with round-the-clock crypto trading infrastructure, a move that could reshape how institutional dollars move through digital asset markets. The SoFi Kraken partnership, announced Sept. 3, connects SoFi’s banking and dollar-settlement services with Kraken’s trading engine, giving each company a foothold in the other’s turf.

Key takeaways

• SoFi and Payward announced a partnership on Sept. 3 linking SoFi’s banking and dollar-settlement services to Kraken’s trading infrastructure.
• Payward will join SoFi’s real-time settlement network, known as SEN, enabling 24/7 U.S. dollar transfers for institutional clients.
• Kraken will list SoFiUSD, SoFi’s bank-issued stablecoin redeemable 1:1 for U.S. dollars, opening it to retail, professional and institutional Kraken customers.
• SoFi will route crypto orders through Kraken Prime as an added liquidity and execution source.
• Qualified custody services could be added later, though neither company has set a timetable or named specifics.

SoFi and Payward establish partnership linking banking with Kraken trading

The deal formally pairs SoFi’s consumer and enterprise banking network with Kraken’s digital asset trading stack. Announced through a press release shared with outlets including CoinDesk, the arrangement gives Kraken access to SoFi’s settlement infrastructure while giving SoFi customers a direct line into one of crypto’s larger trading venues.

The core purpose is straightforward: cut down the friction that shows up when crypto markets trade nonstop but the banking system that supports them doesn’t. SoFi CEO Anthony Noto framed the logic behind the tie-up bluntly, saying the financial system “should not shut down when markets stay open.” That sentiment captures why the two companies are betting on tighter integration rather than just a listing agreement.

Integration of SoFi’s real-time settlement network with Kraken infrastructure

Payward is joining the SoFi Exchange Network, or SEN, which lets institutional clients move and settle U.S. dollars at any hour rather than waiting on standard banking schedules. That access matters because it hands eligible Kraken institutional customers a settlement rail built for continuous liquidity management, something crypto trading desks have wanted for years.

Traditional bank transfers still largely follow business-day processing windows, even though digital asset markets never close. By plugging into SEN, Kraken’s institutional side gains a path toward genuine US dollar real-time settlement, removing a structural mismatch that has long forced crypto firms to plan around banking hours instead of market conditions. Payward will also tap SoFi’s Big Business Banking division, which SoFi launched in April to combine enterprise banking, payments and digital-asset capabilities in a single offering.

Kraken listing SoFiUSD stablecoin and leveraging Kraken Prime for liquidity

Kraken will list SoFiUSD, extending the reach of SoFi’s bank-issued, dollar-redeemable stablecoin far beyond the SoFi app itself. The token is designed to maintain one-to-one redemption for U.S. dollars, and this SoFiUSD stablecoin listing puts it in front of Kraken’s retail, professional and institutional user base for the first time.

On the other side of the arrangement, SoFi will route its customers’ crypto orders through Kraken Prime, gaining access to Kraken Prime liquidity as an additional execution channel. Kraken Prime uses smart order routing to compare pricing and depth across supported venues, selecting where a trade should execute rather than depending on a single order book. Kraken says the setup could give SoFi deeper liquidity and sharper execution pricing, though the price a customer actually gets will still hinge on market conditions, order size and fees. Payward co-CEO David Ripley described the ambition in plain terms: “The infrastructure behind that experience should connect them to deep, liquid markets built to operate at scale.”

Notably, SoFi described Kraken Prime as “an additional” liquidity source rather than an exclusive one, meaning Kraken won’t necessarily become SoFi’s sole execution provider going forward.

Potential expansion and future custody services

Qualified custody services may eventually join the partnership, but neither SoFi nor Payward has offered a launch date, named a custody entity, or specified which assets might qualify. For now, custody remains a stated possibility rather than a committed feature.

That vagueness is worth watching. Custody is often the piece that turns a trading and settlement relationship into a full-service institutional offering, so any future announcement on that front would likely signal a deeper phase of integration between the two companies.

SoFiUSD stablecoin initial launch and the partnership’s broader implications

SoFiUSD wasn’t born from this deal. It first became available inside SoFi’s app in May 2026, initially supporting the Ethereum and Solana networks and giving SoFi’s nearly 15 million members the ability to buy, sell, hold and convert the token. The Kraken listing marks the stablecoin’s first meaningful distribution outside its issuer’s own platform, though the companies haven’t disclosed which trading pairs, deposit networks or initial liquidity levels will support it on Kraken.

Why this matters for the wider market: the partnership is a clear example of two financial platforms expanding toward each other from opposite starting points. SoFi is layering crypto trading, stablecoins and blockchain settlement onto its banking core, while Kraken has been pushing beyond token trading into equities, derivatives and institutional prime brokerage. Both companies said the relationship could eventually stretch into payments, treasury services, lending and other digital-asset products, though none of that has a confirmed timeline or launch date.

The move also lands against the backdrop of SoFi’s still-developing crypto economics. The company’s crypto business generated $121.6 million in transaction revenue during the first quarter of 2026, according to its own financial disclosures, but related costs reached $120.7 million, leaving approximately $900,000 in net transaction revenue. SOFI shares closed near $18.51 on Sept. 3, up about 3.7% for the session after trading between $17.63 and $18.70, though there’s no verified evidence tying that move directly to the Kraken news rather than broader market conditions.

FAQ

What is the main purpose of the SoFi and Payward partnership?

The partnership connects SoFi’s banking and dollar settlement services with Kraken’s trading infrastructure to enable real-time U.S. dollar transfers and improve liquidity for crypto trades.

How does the SoFi Exchange Network (SEN) benefit Kraken’s clients?

SEN allows institutional clients to transfer and settle U.S. dollars around the clock, removing the delays tied to traditional banking hours.

What is Kraken Prime’s role in the partnership?

SoFi will route crypto orders through Kraken Prime as an additional liquidity and execution provider, aiming to improve pricing and give customers access to deeper markets.

When was SoFiUSD initially launched and on which networks?

SoFiUSD first became available in SoFi’s app in May 2026, initially supporting the Ethereum and Solana networks.

Article produced with the assistance of artificial intelligence and reviewed by the editorial team.