The partnership between SoFi Technologies and Payward, Kraken's parent company, directly bridges a key operational gap: traditional finance operates on bank hours while digital asset markets trade 24/7. This integration addresses the institutional demand for seamless dollar settlement across both ecosystems.
Under the agreement, Kraken customers gain direct access to SoFiUSD, a stablecoin backed by cash and short-term U.S. Treasurys, and its associated 24/7 dollar settlement network. SoFi Bank introduced SoFiUSD in 2026 specifically to enable continuous dollar settlement outside traditional banking windows.
The mechanism works both directions: SoFi will route customer crypto orders through Kraken Prime, which aggregates pricing from multiple trading venues. SoFi already offers crypto trading to its 15.8 million members; this integration gives that customer base access to institutional-grade liquidity sourcing. Payward, in turn, joins SoFi's Exchange Network, gaining access to SoFi's business banking services and embedding Kraken's parent company deeper within established U.S. banking infrastructure.
Payward's institutional positioning accelerated in March when Kraken Financial gained access to the Federal Reserve's payment system. That direct access to the Fed's rails, combined with SoFi's established banking relationships, creates a structural advantage for routing institutional crypto orders and settlements.
Payward is considering a public listing no earlier than 2027, according to reports. This partnership with SoFi strengthens its institutional revenue streams ahead of a potential initial public offering.
David Ripley, Payward Co-CEO, said: "Money and markets are converging into a new financial paradigm, and the infrastructure underneath has to catch up." The statement reflects the core tension this deal targets: asynchronous settlement in traditional finance versus the continuous operation of digital asset markets.
The companies indicated the partnership could eventually extend to qualified custody services, suggesting a longer-term vision for comprehensive institutional digital asset solutions beyond current stablecoin and liquidity integration.
