Payward joins SoFi Exchange Network for round-the-clock US dollar settlement

Kraken parent company Payward has entered a partnership with SoFi that will bring SoFiUSD to the Kraken exchange platform. This agreement connects Kraken directly to SoFi's 24/7 dollar settlement network, allowing institutional and business clients access to round-the-clock US dollar clearing. Under the deal, SoFi will utilize Kraken Prime as an additional source of digital asset liquidity, while Payward joins the SoFi Exchange Network (SEN) to gain entry to SoFi's business banking services. The companies stated that qualified custody services could be added as the partnership grows. SoFiUSD is a dollar-backed stablecoin issued by SoFi Bank, backed by cash and short-term US Treasuries. A Thursday blog post from Kraken confirmed that SoFi will route digital asset orders through Kraken Prime. Kraken Prime employs smart order routing to evaluate pricing and market depth across supported venues in real time. Routing trades this way gives SoFi access to liquidity across multiple trading venues rather than relying on a single order book. SoFi currently has 15.8 million members and offers crypto trading through its app.