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

The Partnership

The deal will bring SoFiUSD to Kraken, connect Payward to SoFi's 24/7 dollar settlement network, and give SoFi access to digital asset liquidity through Kraken Prime.

Kraken Prime for SoFi

According 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. Routing those trades through Kraken Prime will give SoFi access to liquidity across multiple trading venues rather than relying on a single order book.

SoFi's Scale

SoFi has 15.8 million members and already offers crypto trading through its app.

Expansion Beyond Crypto

The SoFi partnership follows a series of moves by Payward and Kraken to expand beyond crypto markets and build ties with traditional financial institutions.

London Stock Exchange Partnership

Earlier this week, London Stock Exchange Group reportedly partnered with Payward to offer tokenized versions of leading UK equities through LSE 24, a new 24/5 trading venue set to launch in 2027.

Other Recent Moves

In August, Kraken added round-the-clock exposure to the S&P 500 through its funded trading program, with commodities expected to follow.

Kraken has also expanded into public markets through xStocks, the tokenized equities platform developed by Backed Finance, which Kraken acquired in early 2026. The exchange has since used the platform to offer eligible users exposure to shares tied to the SpaceX and Jersey Mike's IPOs through tokenized equities and, in some cases, direct share allocations.

IPO Timeline

Payward's push into traditional finance comes as the company prepares to go public, although its IPO plans have reportedly been pushed back several times. The company confidentially submitted a draft registration statement to the US Securities and Exchange Commission in November 2025. However, reports indicate that the listing has been pushed to the second quarter of 2027 at the earliest.