Kraken lists SoFiUSD after Payward and SoFi partnership

Kraken listed SoFiUSD (SOFID) for trading on September 4, 2026. The listing follows the Payward and SoFi partnership and brings a bank issued USD payment stablecoin to Kraken markets.

SOFID is issued by SoFi Bank, N.A., a national bank regulated by the Office of the Comptroller of the Currency. Kraken describes SoFiUSD as a payment and settlement stablecoin, not an investment product. It is issued on Ethereum and Solana.

Kraken's announcement says SoFi Bank maintains reserve assets intended to at least equal the outstanding SOFID supply. SoFi also publishes reporting on supply and reserve composition, with attestations performed by an independent U.S. licensed CPA.

The limits matter. Issuance and redemption at par are handled by SoFi Bank with approved SoFi customers under separate agreements. Simply holding or transferring SOFID does not automatically create a redemption right with the issuer. Secondary market prices can move above or below one dollar.

Kraken also states that SOFID is not a deposit, is not insured by the FDIC or SIPC, is not legal tender, and does not pay interest or yield to holders. App and Instant Buy access may depend on liquidity, and geographic restrictions may apply.

For KrakenReferral readers, the useful point is narrow: SOFID is now live on Kraken, but it should be understood through its stablecoin terms, network support, eligibility limits and redemption rules before use.

Sources: Kraken official blog, https://blog.kraken.com/product/asset-listings/sofid-is-available-for-trading.