SoFi Partners with Kraken to Offer 24/7 Dollar Settlement and List SoFiUSD Stablecoin

SoFi Technologies and Payward, the parent of Kraken, disclosed a partnership that connects SoFi’s real‑time dollar‑settlement network with Kraken’s digital‑asset trading infrastructure. The collaboration enables round‑the‑clock U.S. dollar transfers for institutional clients and adds SoFi’s dollar‑redeemable stablecoin, SoFiUSD, to Kraken’s exchange.

24/7 Dollar Settlement for Institutional Clients

Payward will join the SoFi Exchange Network (SEN), giving eligible Kraken institutional customers access to SoFi’s settlement rails that operate outside traditional banking hours. The connection is intended to remove delays that can occur when crypto markets are open but banking services are closed.

Kraken Lists SoFiUSD Stablecoin

Kraken will list SoFiUSD for retail, professional and institutional users. The stablecoin is issued through SoFi’s regulated banking structure and is designed to maintain a one‑to‑one redemption with U.S. dollars. SoFiUSD was first made available in SoFi’s app in May, initially on Ethereum and Solana, and the Kraken listing expands its distribution beyond SoFi’s own platform.

Liquidity and Execution via Kraken Prime

SoFi will route cryptocurrency order flow through Kraken Prime, an institutional prime brokerage that uses smart routing to compare prices and depth across multiple venues. The arrangement provides SoFi with an additional liquidity source and potentially better execution pricing, though final trade prices will still depend on market conditions, order size, liquidity and fees.

Future Expansion Possibilities

The partners indicated that the relationship could later include qualified custody services, payments, treasury functions, lending and other digital‑asset products, but no timelines or specific details were provided.

Market Reaction

SoFi’s shares closed near $18.51 on the announcement day, up about 3.7%, though no verified evidence linked the price move directly to the partnership news.