Kraken Lists SoFiUSD: What the Bank-Issued Stablecoin Discloses
Kraken's education post confirms SOFID trading and describes SoFi Bank's 1:1 redemption intent, monthly attestations, and the limits of that backing.
Source-checked briefing: prepared from the official notice cited below and checked for source, date, duplication, and risk language. No individual editor review is claimed. Methodology
Kraken published a Token Spotlight on SoFiUSD (SOFID), a stablecoin issued by SoFi Bank, N.A., and states that SOFID is trading on Kraken. The post describes SOFID as intended to be redeemable 1:1 for US dollars, with reserves in cash or cash equivalents and monthly third-party attestation reports. It also states SOFID is not a deposit, is not FDIC or SIPC insured, is not legal tender, and pays no interest or yield. The source does not establish any required action for readers; it is an educational listing post, and its only call to action is a general invitation to trade SOFID on Kraken.
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Kraken states SOFID is trading on Kraken and became available to trade there in September 2026.
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SOFID is issued by SoFi Bank, N.A., a nationally chartered US bank regulated by the Office of the Comptroller of the Currency.
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Each SOFID is intended to be redeemable 1:1 for US dollars, with reserves held in high quality, highly liquid cash or cash equivalents.
Key timeline
SoFi first announced SoFiUSD for internal settlement and institutional partners.
SoFi opened SoFiUSD to its members; the company reported 14.7 million members at that point.
Monthly attestation reports covering these periods were available on the SOFID page at the time of writing.
SOFID became available to trade on Kraken.
Kraken published the Token Spotlight education post.
Who may be affected
- Kraken users who hold or trade SOFID.
- SoFi members who buy, sell, hold or convert SOFID in the SoFi app.
- Holders who withdraw SOFID to Solana or Ethereum wallet addresses.
- Approved customers with separate agreements who redeem SOFID at par with SoFi Bank.
Impact analysis
The confirmed operational change is that SOFID is available to trade on Kraken, following its September 2026 listing. For Kraken users, this adds a dollar-denominated asset that the source says can be sent, held and transferred 24/7 on supported networks and withdrawn directly to any Solana or Ethereum wallet address. The source also confirms that redemption at par is not a Kraken function: it is conducted by SoFi Bank with approved customers under separate agreements, so secondary market prices on Kraken may sit slightly above or below one dollar. The post states SOFID pays no interest or yield and is not a deposit, not FDIC or SIPC insured, and not legal tender. It does not state any fee, minimum, eligibility restriction, or required action for Kraken users. Readers outside the listed user groups are not assigned any effect by the source.
What the announcement does not say
The source does not disclose SOFID trading pairs, fees, order minimums, regional availability, or whether Kraken imposes any eligibility checks. It also does not state the identity of the attestation firm, the exact reserve composition, or the terms under which SoFi Bank redeems at par.
Risk notes
- SOFID is not a deposit, is not insured by the FDIC or SIPC, and is not legal tender, per the source.
- The source states holding or transacting in SOFID involves risk and may be subject to delays, disruptions or permanent loss.
- Blockchain transactions are generally final and irreversible, according to the source.
- Secondary market prices may sit slightly above or below one dollar, and redemption at par is conducted by SoFi Bank with approved customers under separate agreements.
- The source notes that consolidating issuance inside a bank concentrates the token's risk profile in one institution.
- This article is only for verifying official exchange announcements and does not constitute investment or trading advice.
This article is for information only and is not investment, legal, or tax advice. Digital assets are volatile and may result in loss of principal.
Frequently asked questions
Is SOFID a bank deposit or FDIC insured?
No. The source states plainly that SOFID is not a bank deposit, is not insured by the FDIC or SIPC, and is not legal tender.
Does SOFID pay interest or yield?
No. The source states SOFID does not pay interest or yield. It separately describes a tokenized deposit product in development that would be eligible for FDIC insurance and interest, but says that product does not change what SOFID is today.
Can I redeem SOFID for one dollar on Kraken?
The source does not say Kraken redeems SOFID at par. It states redemption at par is conducted by SoFi Bank with approved customers under separate agreements, and that secondary market prices may sit slightly above or below one dollar.
Which networks support SOFID?
The source states SOFID is issued on Ethereum and Solana, and holders can withdraw directly to any Solana or Ethereum wallet address. It also says further networks may be added, without naming them.
Official sources
Collected material is used only for fact checking. If this page differs from the original announcement, the official page controls.