SoFi and Payward, the parent company of Kraken, announced a partnership on September 3 that links SoFi’s bank settlement network with Kraken’s institutional digital-asset infrastructure. Payward will join the SoFi Exchange Network, or SEN, giving eligible Kraken institutional clients access to real-time U.S.-dollar clearing and settlement around the clock.
The arrangement also runs in the other direction. SoFi will use Kraken Prime as an additional source of liquidity for digital-asset trades placed through the SoFi app, while Kraken plans to list SoFiUSD, SoFi’s bank-issued stablecoin redeemable one-to-one for U.S. dollars. The deal connects a dollar-settlement rail, a stablecoin listing and crypto trade execution under one partnership.
Payward joins SEN for round-the-clock dollar settlement
Payward, Kraken’s parent company, will join SoFi’s Exchange Network (SEN), giving eligible Kraken institutional clients access to real-time U.S.-dollar clearing and settlement 24 hours a day and seven days a week, according to Kraken. The access extends beyond traditional banking hours but is not described as available to every Kraken customer.
In the other part of the arrangement, SoFi said it will use Kraken Prime for digital-asset trade execution. The partnership therefore combines Kraken’s institutional dollar settlement through SEN with SoFi’s planned use of Kraken Prime.
Kraken will list SoFiUSD as SoFi expands its settlement rail
Kraken will list SoFiUSD, according to SoFi’s announcement. SoFi described the token as a bank-issued stablecoin that can be redeemed one-to-one for U.S. dollars. Its planned listing brings SoFi’s dollar-linked digital asset onto Kraken as the companies connect their banking and digital-asset services.
For eligible Kraken institutions, SEN is intended to provide real-time U.S.-dollar clearing and settlement. SoFiUSD serves a different role as the dollar-redeemable asset Kraken has agreed to list, and the announcements position the stablecoin alongside—not in place of—the SEN connection without specifying a timetable for the listing.
SoFi has been building its enterprise offering around regulated banking, fiat movement and digital-asset capabilities. Its 2026 Big Business Banking and settlement strategy combined those areas for enterprise customers, according to SoFi Tech Solutions. The Payward agreement extends that direction by bringing a major crypto platform’s parent company into SEN and tying the relationship to a stablecoin listing.
The sequence matters for SoFi’s strategy. Rather than treating banking services and digital assets as separate offerings, the partnership places dollar movement, a dollar-redeemable stablecoin and crypto-market access in connected roles. The immediate announced service for Kraken institutions is dollar settlement; the planned SoFiUSD listing adds a separate digital-dollar distribution channel through Kraken.
SoFi gains Kraken Prime crypto liquidity
SoFi will use Kraken Prime as an additional liquidity source for crypto trades executed in its app. Payward will participate in the SoFi Exchange Network (SEN), providing eligible Kraken institutional clients with continuous U.S.-dollar clearing and settlement.
Kraken Prime’s role is digital-asset execution, while SEN handles dollar clearing and settlement for eligible Kraken institutional clients. Kraken also intends to list SoFiUSD as part of the partnership.
Unchained reported that qualified custody services may be added as the relationship expands, rather than as a currently announced service.
