SoFi Partners with Kraken to Enhance Crypto and Banking Services

On September 3, SoFi Technologies and Payward, the parent company of the cryptocurrency exchange Kraken, announced a strategic partnership aimed at leveraging each other's strengths in banking and crypto market infrastructure.

The partnership has two main components. First, Payward will join SoFi’s Exchange Network (SEN), allowing Kraken and its institutional clients to access 24/7 real-time USD settlements. This integration addresses the challenge of traditional banking hours, enabling continuous dollar movement for Kraken’s clients.

Second, SoFi’s bank-issued stablecoin, SoFiUSD, will be listed on the Kraken platform, making it available to both retail and institutional users. SoFiUSD is pegged 1:1 to the US dollar and is notable for being one of the few stablecoins backed by a nationally chartered US bank.

This partnership provides Kraken with a solution to its settlement challenges, while SoFi benefits from increased distribution for its stablecoin on one of the largest crypto trading platforms globally. Kraken Prime, the institutional brokerage arm of Kraken, will also facilitate execution services for SoFi’s crypto offerings, enhancing the trading experience for SoFi’s nearly 15 million members.

SoFi's journey in the crypto space has been complex, having paused its direct crypto trading services in December 2023 due to regulatory scrutiny. After a two-year hiatus, it relaunched crypto trading in November 2025, becoming the first US nationally chartered bank to allow customers to buy, sell, and hold cryptocurrencies directly.

The listing of SoFiUSD on Kraken introduces a new dynamic in the stablecoin market, which has been largely dominated by Tether’s USDT and Circle’s USDC. A bank-issued stablecoin could attract users and institutions seeking regulatory clarity and direct bank backing.

While the financial details of the partnership remain undisclosed, both companies aim to enhance their positions in the evolving landscape of crypto trading and banking.