SoFi Technologies and Payward, the parent company of Kraken, announced a partnership on September 3 that connects SoFi’s banking infrastructure to Kraken’s crypto trading business. Payward will join the SoFi Exchange Network, and Kraken will list SoFiUSD, SoFi’s bank-issued stablecoin, while SoFi will tap Kraken Prime for digital asset liquidity, according to SoFi’s investor relations announcement.

SoFiUSD is redeemable one-to-one for U.S. dollars and is issued directly by a regulated financial institution rather than a standalone crypto company, a distinction SoFi has emphasized as it builds out its digital asset offering. Listing it on Kraken gives the exchange’s retail, professional and institutional customers access to a…