SoFi and Kraken Form Banking Partnership, Launch SoFiUSD Stablecoin

On September 3, 2026, SoFi Technologies, Inc. and Payward (the parent company of Kraken) disclosed a partnership aimed at improving digital‑asset payments and liquidity. The agreement gives Kraken access to SoFi’s banking infrastructure, including the SoFi Exchange Network (SEN), and adds the SoFiUSD stablecoin to Kraken’s platform.

Key Elements of the Deal

• Kraken will list the SoFiUSD stablecoin, enabling 24/7/365 settlement for its users.
• SoFi’s banking network will be available to Kraken, allowing faster money movement and extended settlement hours beyond traditional banking times.
• Kraken Prime will provide SoFi with real‑time price scanning across global crypto marketplaces, aiming to secure better pricing for SoFi members.

Market Reaction

Following the announcement, SoFi’s Nasdaq‑listed shares rose more than 2%. The stock, however, remains down over 4% across the prior five trading sessions and down roughly 31% year‑to‑date.

Quotes from Executives

David Ripley, Co‑CEO of Payward, said the collaboration helps close the gap between traditional finance and crypto, allowing millions to buy crypto within the app they already use for payroll. SoFi highlighted that the partnership will “unlock new pathways” for institutional clients seeking continuous settlement.

Implications for Users

SoFi users will be able to buy, sell, and trade using the SoFiUSD stablecoin on Kraken, while Kraken Prime’s pricing engine is expected to improve trade execution costs for SoFi members.