SoFi and Kraken Launch 24/7 Dollar Transfers: Stablecoin Access Opening Up

The agreement between SoFi and Kraken will provide Kraken’s institutional clients with 24/7 dollar movement while offering additional liquidity for SoFi’s crypto transactions and access to SoFiUSD on Kraken.

Digital bank SoFi and crypto exchange Kraken announced an agreement on September 3rd that opens up their financial infrastructures to each other. According to a report by CoinDesk based on company statements, the arrangement will accelerate institutional dollar movements on one side while creating broader liquidity opportunities for crypto transactions within the SoFi app on the other.

In the first phase of the agreement, Kraken’s parent company Payward will join the SoFi Exchange Network (SEN). This connection will allow Kraken’s institutional clients to move US dollars 24/7 and manage their liquidity without waiting for banking hours.

SoFi to Use Kraken Liquidity

SoFi, on the other hand, will use Kraken Prime as an additional liquidity source for crypto transactions. Kraken Prime will provide extra liquidity for SoFi customers’ in-app crypto trades.

Another significant step of the agreement is the listing of SoFiUSD on Kraken. The dollar-backed stablecoin issued by SoFi is becoming accessible to Kraken’s retail, professional, and institutional clients. This allows SoFi to reach a broader user base with its own digital asset, while Kraken provides a new stablecoin option.

The parties stated that the collaboration could expand into payments, treasury management, lending, and other digital asset services in the future. The current scope of the agreement remains limited to dollar transfers, crypto liquidity, and SoFiUSD access.