Payward and SoFi forge alliance for stablecoin integration and continuous settlement
SoFi and Payward, the company behind Kraken, are strengthening their relationship through expanded collaboration spanning digital assets, payment systems, and banking services.
Payward, the entity operating Kraken, has entered into a strategic partnership with SoFi that will integrate SoFiUSD into the Kraken ecosystem and provide the cryptocurrency exchange with connectivity to SoFi's continuous dollar settlement infrastructure.
The arrangement establishes that SoFi will leverage Kraken Prime to access enhanced digital asset liquidity sources, while Payward becomes a participant in the SoFi Exchange Network (SEN) and obtains entry to SoFi's suite of business banking products.
According to the two firms, the collaboration may incorporate qualified custody offerings as it develops further, and Kraken's enterprise and institutional customers will receive SEN access enabling continuous US dollar settlement capabilities around the clock.
Launched by SoFi Bank in 2026, SoFiUSD represents a stablecoin backed by the US dollar designed for payment and settlement purposes, maintaining reserves in the form of cash deposits and short-duration US Treasury securities.
A Thursday blog post published by Kraken detailed that SoFi will direct digital asset transactions through Kraken Prime, a system that employs intelligent order routing technology to assess pricing dynamics and liquidity depth across all supported trading platforms instantaneously, directing transactions to venues offering optimal execution conditions.
With a membership base of 15.8 million, SoFi currently provides cryptocurrency trading functionality within its mobile application. Kraken noted that channeling these transactions through Kraken Prime will provide SoFi with access to liquidity pools spanning numerous trading platforms instead of depending on a sole order book.
Payward expands traditional finance ties
This collaboration with SoFi represents the latest in a sequence of strategic initiatives by Payward and Kraken aimed at extending their reach beyond cryptocurrency markets and forging connections with conventional financial services companies.
Just days ago, the London Stock Exchange Group allegedly formed a partnership with Payward to provide tokenized representations of prominent UK equity securities via LSE 24, a novel trading platform operating 24 hours daily, five days weekly, scheduled to commence operations in 2027. In August, Kraken introduced continuous access to S&P 500 index exposure via its funded trading initiative, with commodity products anticipated to launch subsequently.
Kraken's expansion into public equity markets has been facilitated through xStocks, the tokenized stock platform created by Backed Finance, which Kraken purchased in early 2026. The platform has subsequently been utilized by the exchange to provide qualified users with investment opportunities linked to equities associated with the SpaceX and Jersey Mike's initial public offerings via tokenized stock instruments and, in certain instances, direct equity allocations.
Payward's strategic advancement into conventional financial markets arrives as the organization readies itself for a public market debut, though its initial public offering timeline has allegedly experienced multiple postponements.
The firm submitted a confidential draft registration statement to the US Securities and Exchange Commission in November 2025. Nevertheless, various reports suggest that the public listing has been delayed until the second quarter of 2027 at the soonest.