Kraken parent Payward partners with SoFi on SoFiUSD settlement

Kraken parent Payward partnered with SoFi to bring SoFiUSD to Kraken and connect the crypto platform to SoFi's 24/7 dollar settlement network. SoFi will use Kraken Prime as an additional source of digital asset liquidity. Payward will join the SoFi Exchange Network and gain access to SoFi's business banking services. Kraken's institutional and business clients will gain access to the network for round-the-clock US dollar settlement. Qualified custody services could be added as the partnership expands. SoFiUSD is issued by SoFi Bank. SoFi launched the dollar-backed stablecoin in 2026 for payments and settlement. Its reserves are held in cash and short-term US Treasurys. Kraken said SoFi will route digital asset orders through Kraken Prime. The system evaluates pricing and market depth across supported venues in real time. SoFi has 15.8 million members and offers crypto trading through its app. Routing those trades through Kraken Prime will give SoFi access to liquidity across multiple trading venues. Earlier this week, London Stock Exchange Group reportedly partnered with Payward to offer tokenized versions of leading UK equities through LSE 24. LSE 24 is a new 24/5 trading venue set to launch in 2027. In August, Kraken added round-the-clock exposure to the S&P 500 through its funded trading program. Commodities are expected to follow. Kraken also expanded into public markets through xStocks. Backed Finance developed the tokenized equities platform. Kraken acquired the platform in early 2026. Kraken has used xStocks to offer eligible users exposure to shares tied to the SpaceX and Jersey Mike's IPOs through tokenized equities. In some cases, Kraken has offered direct share allocations. Payward is preparing to go public. Its IPO plans have reportedly been pushed back several times. Payward confidentially submitted a draft registration statement to the US Securities and Exchange Commission in November 2025. Reports indicate that the listing has been pushed to the second quarter of 2027 at the earliest.