Payward, the parent company of cryptocurrency exchange Kraken, has struck a partnership with online financial services firm SoFi to launch a stablecoin and enable round-the-clock dollar settlement, the companies announced.
Details of the Partnership
The collaboration centers on bringing SoFi's stablecoin, known as SoFiUSD, to the Kraken platform. As part of the arrangement, Payward will connect to SoFi's 24/7 dollar settlement network, allowing for continuous transactions outside the constraints of traditional banking hours.
In return, SoFi gains access to digital asset liquidity through Kraken Prime, the exchange's institutional trading arm. The integration is designed to bridge conventional finance with the crypto sector, giving both firms a broader footprint across payments and digital assets.
Round-the-clock settlement could finally free dollar transactions from the limits of traditional banking hours.
Why It Matters
Stablecoins have become one of the fastest-growing corners of the crypto market, prized for their ability to move value quickly and cheaply while remaining pegged to a fiat currency. Financial institutions and fintech companies alike have been racing to launch their own tokens as regulatory clarity improves.
The tie-up highlights a growing convergence between established fintech players like SoFi and crypto-native firms such as Kraken. By combining SoFi's customer base and settlement infrastructure with Kraken's liquidity and trading capabilities, the two aim to expand access to blockchain-based dollar products.
Key elements of the deal include:
- The launch of SoFiUSD on Kraken's exchange
- Payward's connection to SoFi's 24/7 dollar settlement network
- SoFi's access to digital asset liquidity via Kraken Prime
The move underscores how mainstream finance is increasingly embracing stablecoins and always-on settlement as tools to modernize how money moves.