Hassan Maishera
TL;DR
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Interactive Brokers now allows clients to fund brokerage accounts with USDC.
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The platform intends to roll out support for Ripple’s RLUSD and PayPal’s PYUSD soon.
Interactive Brokers Now Supports USDC Deposits
Interactive Brokers announced on Thursday that eligible clients can now fund brokerage accounts using stablecoins. The platform is offering 24/7 deposits with near-instant processing, unlocking quick global market access.
The broker added that users can send dollar-pegged stablecoin USDC from a crypto wallet to a secure wallet provided through a collaboration with digital asset infrastructure provider ZeroHash.
It intends to add support for Ripple’s RLUSD and PayPal’s PYUSD next week, expanding beyond USDC.
The stablecoins will automatically be converted into U.S. dollars and credited to the client’s brokerage account, allowing them to trade across Interactive Brokers’ lineup of markets shortly after initiating the transfer.
Milan Galik, chief executive officer of Interactive Brokers, stated that,
“Stablecoin funding provides international investors with the speed and flexibility required in today's markets. Clients can transfer funds and begin trading within minutes, while also reducing transaction costs.”
Interactive Brokers added that it does not charge fees for deposits of stablecoins. However, users will be responsible for blockchain network fees. ZeroHash applies a 0.30% conversion fee per deposit, with a minimum fee of $1.
This latest development comes as Interactive Brokers expands its presence in the cryptocurrency space. The broker began offering stablecoin account funding for U.S. retail clients in December, joining a growing list of brokerages trying to match crypto-native platforms on speed and convenience.
In July, founder Thomas Peterffy announced that Interactive Brokers is exploring launching its own stablecoin as part of its expanding digital asset strategy.
