According to CoinMeta, Sofi Technologies and the parent company of Kraken, Payward, announced a collaboration on September 3rd to connect the banking and US dollar settlement services of Sofi with the digital asset trading infrastructure of Kraken. Payward will join the Sofi exchange network (SEN), while Kraken will launch a SofiUSD stablecoin. Sofi will use Kraken Prime as its additional liquidity and execution provider for its crypto transactions. This collaboration will provide qualified institutional customers of Kraken with 24/7 liquidity management settlement channels, eliminating delays that may occur when the crypto market is open but banking services are not available. Sofi's crypto business generated $121.6 million in transaction revenue in the first quarter of 2026, with related costs amounting to $120.7 million and net revenue of approximately $852,000.