Payward partners with SoFi on stablecoin distribution and 24/7 dollar settlement

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Payward, SoFi stablecoin partnership

Highlights

SoFi will list SoFiUSD, a dollar-backed stablecoin launched in 2026, on Kraken while providing Payward with 24/7 dollar settlement via SEN.
Kraken's institutional clients gain around-the-clock access to SoFi’s business banking and dollar settlement, expanding liquidity and execution efficiency.
Payward’s traditional finance expansion accelerates with an LSE Group partnership and prepares for an IPO delayed to at least Q2 2027.

Partnership scope and settlement access

As reported by Cointelegraph, citing Kraken in a Thursday blog post, SoFi will route digital asset orders through Kraken Prime, while Payward joins the SoFi Exchange Network, or SEN, to access SoFi’s business banking services and around-the-clock dollar settlement.

Under the arrangement, SoFiUSD, a dollar-backed stablecoin issued by SoFi Bank, will be listed on Kraken. The token launched in 2026 for payments and settlement, with reserves held in cash and short-term U.S. Treasurys.

Kraken says its Prime platform uses smart order routing to assess pricing and market depth across supported venues in real time, allowing orders to be directed to the most effective execution venue. For SoFi, which has 15.8 million members and already offers crypto trading in its app, the setup broadens access to liquidity beyond a single order book.

The companies also say qualified custody services could be added as the partnership expands. Kraken’s institutional and business clients are also set to gain access to SEN for 24/7 U.S. dollar settlement.

Broader finance strategy and IPO backdrop

The SoFi deal follows a series of steps by Payward and Kraken to extend their reach beyond core crypto trading and build links with traditional financial institutions. 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.

In August, Kraken added round-the-clock exposure to the S&P 500 through its funded trading program, with commodities expected to follow. The company has also expanded in public markets through xStocks, the tokenized equities platform developed by Backed Finance, which Kraken acquired in early 2026.

Kraken has since used that 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. Payward’s broader push into traditional finance comes as it prepares for a public listing, though reports indicate its IPO timeline has been delayed several times and is now expected no earlier than the second quarter of 2027.

Nscale’s IPO investor pitch highlighted a massive contracted-revenue backlog tied to surging demand for AI computing capacity. Our earlier article noted that the company cited about $103 billion in total contracted revenue and a $45 billion arrangement to provide cloud infrastructure from its West Virginia data center campus, while also cautioning that some figures were illustrative rather than formal guidance.

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