Kraken, SoFi Link Up on Stablecoin and 24/7 Settlement
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
AI-generated summary based on the linked source; not independently verified. This is not investment advice. Verify market-moving details at the original publisher before acting. See our editorial policy, AI content policy, and financial disclaimer.
Summary
Kraken parent company Payward has partnered with SoFi to integrate SoFiUSD, a dollar-backed stablecoin, into Kraken's platform and connect Kraken to SoFi’s 24/7 dollar settlement network. The partnership will allow SoFi to use Kraken Prime for digital asset liquidity, while Payward joins the SoFi Exchange Network and gains access to SoFi’s business banking services. Kraken institutional and business clients will also have access to round-the-clock US dollar settlement through SEN.
Why it matters
This partnership enhances liquidity options and settlement efficiency for both Kraken and SoFi users by combining stablecoin usage with 24/7 settlement capabilities. It reflects Payward’s expansion into traditional finance sectors and its efforts to broaden crypto trading infrastructure. The source does not explicitly discuss further market or regulatory impacts.
Key context
SoFiUSD, launched in 2026, is backed by cash and short-term US Treasurys and is designed for payments and settlement. Kraken Prime provides smart order routing to optimize order fills across multiple trading venues. Payward has been expanding into traditional finance, including partnerships with the London Stock Exchange Group and development of tokenized equities platforms like xStocks.
Key numbers and entities
The entities involved are Payward (Kraken’s parent company), SoFi, Kraken Prime, and SoFi Exchange Network (SEN). SoFi USD stablecoin launched in 2026. SoFi has 15.8 million members, and Payward confidentially submitted a draft IPO registration in November 2025 with an expected earliest public listing in Q2 2027.
What remains unclear
Details on the timeline for full rollout and integration of qualified custody services remain unspecified. The source does not provide information on regulatory considerations or specific financial terms of the partnership. Further impact on users and the broader market is not elaborated.