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Crypto

Payward partners with SoFi to add SoFiUSD on Kraken

Payward, the parent company of cryptocurrency exchange Kraken, is partnering with U.S. fintech firm SoFi to strengthen stablecoin and round-the-clock dollar payments infrastructure. Payward plans to list SoFi’s dollar-pegged stablecoin SoFiUSD on Kraken and join the SoFi Exchange Network for real-time payments. The tie-up will allow Kraken’s institutional and corporate clients to settle U.S. dollar transactions 24/7 and may expand into qualified digital asset custody services.

Crypto

Mastercard to pilot stablecoin remittance trust checks with Borderless

Mastercard will begin a pilot project with stablecoin payments infrastructure firm Borderless to review trust and verification systems for cross-border stablecoin remittances. The project will test whether Mastercard’s Crypto Credential service can provide signals for approvals, regulatory compliance and risk management in cross-border stablecoin payments. Borderless said compliance issues hinder adoption. Mastercard will not handle fund processing or settlement in the pilot.

Crypto

SoFi crypto trading revenue rises 10 percent; SoFiUSD supports real-time commercial payments

SoFi said its second-quarter cryptocurrency trading revenue rose 10 percent from the previous quarter. The company recorded $134.3 million in crypto trading revenue, with net revenue of $1.2 million after $133.1 million in transaction costs, up from about $850,000 in the first quarter. It also expanded stablecoin offerings, enabling commercial customers to move funds 24 hours a day using SoFiUSD through its corporate banking platform.