Kraken parent Payward partners with SoFi on stablecoin, 24/7 settlement

Kraken parent Payward has partnered with SoFi in a deal that will bring SoFiUSD to Kraken and connect the crypto platform to SoFi’s 24/7 dollar settlement network.Under the partnership, SoFi will use Kraken Prime as an additional source of digital asset liquidity, while Payward will join the SoFi Exchange Network (SEN) and gain access to SoFi’s business banking services.The companies said qualified custody services could be added as the partnership expands, while Kraken’s institutional and business clients will gain access to SEN for round-the-clock US dollar settlement.SoFiUSD, issued by SoFi Bank, is a dollar-backed stablecoin launched in 2026 for payments and settlement, with reserves held in cash and short-term US Treasurys.Source: PaywardAccording to a Thursday blog post from Kraken, SoFi will route digital asset orders through Kraken Prime, which uses smart order routing to evaluate pricing and market depth across supported venues in real time and route orders based on where they can be filled most effectively.SoFi has 15.8 million members and already offers crypto trading through its app. Kraken said routing those trades through Kraken Prime will give SoFi access to liquidit...