SoFi Technologies and Payward are connecting SoFi’s real-time banking network with Kraken’s digital-asset infrastructure, giving institutional clients another way to move U.S. dollars and manage liquidity outside traditional banking hours.

The companies announced the partnership on September 3. Payward, the company behind Kraken, will join the SoFi Exchange Network (SEN), use SoFi’s business-banking capabilities, and list the SoFiUSD stablecoin on Kraken. SoFi will use Kraken Prime as an additional liquidity source for its members’ crypto trades, with qualified custody a possible later addition, though no timetable was given.

SEN handles real-time U.S. dollar movement between participating institutions, while Kraken provides digital-asset trading, liquidity, custody, and financing infrastructure.

24/7 Dollar Settlement for Kraken’s Institutional Clients

Payward’s participation in SEN will let eligible Kraken institutional clients clear and settle U.S. dollar transactions around the clock, addressing a real mismatch: crypto markets run continuously, but conventional banking still follows business hours and slows during weekends or holidays. 

Stablecoin rails have increasingly been proposed as one way to close that gap, a shift our guide on why stablecoin rails are replacing wire transfers explores in more detail.

The announcement does not mean every Kraken customer will automatically receive direct SEN access. The companies described the capability in relation to institutional clients and did not disclose eligibility requirements, transaction limits, fees, or a public launch schedule.

SoFi CEO Anthony Noto said financial infrastructure must remain available when the markets it supports are still operating. Payward co-CEO David Ripley described the partnership as a two-way connection between banking and digital-asset liquidity.

How Kraken Prime Plugs Into SoFi’s Trading Engine

SoFi will use Kraken Prime as another liquidity source for crypto trades placed inside the SoFi app. Kraken Prime combines execution, custody, and financing in one platform, connecting to more than 20 liquidity providers and covering over 90% of global digital-asset liquidity, with smart order routing seeking competitive pricing across venues.

Adding Kraken Prime does not move SoFi members onto Kraken; customers keep trading through the SoFi app while Kraken Prime operates behind the transaction. SoFi said the arrangement should improve pricing for members, though it did not disclose how orders will be divided among providers or how much spreads could improve.

Custody is a possible later phase rather than a confirmed current feature. Kraken Prime offers integrated qualified custody, but SoFi said that capability would arrive as the relationship expands.

Table 1. The Main Parts of the SoFi-Payward Partnership

SoFiUSD Heads to Kraken’s Trading Platform

Payward also plans to list SoFiUSD on Kraken, making the stablecoin available through a platform serving retail, professional, and institutional customers. SoFiUSD is issued by SoFi Bank and redeemable one-to-one for U.S. dollars. SoFi introduced it in December 2025 and made it available inside its banking app in May 2026, part of a broader wave of new stablecoin activity our Stablecoin News 2026 roundup has been tracking.

The stablecoin is supported on Ethereum and Solana, with SoFi maintaining liquid assets against outstanding supply and using independent accounting firms for regular attestations.

A Kraken listing would widen access beyond SoFi’s own app and give institutions using both companies another dollar-denominated asset for trading or settlement. However, the announcement did not provide a listing date, supported trading pairs, geographic availability, or whether SoFiUSD will be integrated directly into SEN transactions.

Two Systems, Two Different Jobs: SEN vs. SoFiUSD

SEN and SoFiUSD aren’t the same product, even though both support continuous financial activity. SEN is a real-time banking network for moving dollars between participating clients. SoFiUSD is a blockchain-based token that can move onchain, usable in compatible wallets and blockchain applications.

The two systems could eventually complement each other by routing between bank deposits and tokenized dollars, but the companies haven’t detailed such a process for Kraken clients.

SoFi launched Big Business Banking in April to combine business deposits, API-based payments, stablecoin infrastructure, and digital-asset services. Bringing Payward into SEN is one of the largest disclosed applications of that strategy so far.

The Milestones Still to Come

The first milestones will be Payward’s activation on SEN, Kraken’s listing of SoFiUSD, and Kraken Prime’s use within SoFi’s crypto execution system. The companies haven’t provided completion dates and left open the possibility of expanding into payments, treasury services, lending, custody, and other digital-asset products.

Future disclosures should clarify which Kraken clients can use SEN, what fees apply, whether SoFiUSD becomes a settlement asset between the platforms, and when qualified custody arrives.

What this means for you: The partnership doesn’t create a new consumer payment product immediately. Its initial importance lies in the infrastructure behind crypto trading, Kraken’s institutional clients gain continuous dollar settlement access, while SoFi gains another liquidity source for member trades. The SoFiUSD listing could connect the two systems more closely, but its launch terms and practical role remain undisclosed.

This is not financial advice. Product availability, supported assets, fees, custody arrangements, and geographic access may vary. Several elements of the partnership remain subject to implementation and could change.