Interactive Brokers said on Thursday that eligible customers can now fund their brokerage accounts using stablecoins, offering 24/7 deposits with near-instant processing, opening rapid access to the global market.
The Nasdaq-listed broker said its clients can send dollar-pegged stablecoins. USDC From a crypto wallet to a secure wallet provided through a collaboration with digital asset infrastructure provider ZeroHash. It plans to add support for Ripple’s RLUSD and PayPal’s PYUSD next week, expanding beyond USDC.
Once received, the stablecoin is automatically converted to US dollars and credited to the client’s brokerage account, allowing them to trade on Interactive Brokers’ range of markets shortly after the transfer is initiated.
“Stablecoin financing provides international investors with the speed and flexibility required in today’s markets. Clients can transfer funds and start trading within minutes, while reducing transaction costs,” Milan Galik, CEO of Interactive Brokers, said in the release.
At the time of going to press, USDCTether’s market capitalization was $75.68 billion, second in the world behind Tether’s market capitalization of $186.90 billion.
The company said it does not charge fees for stablecoin deposits, although users are responsible for blockchain network fees. ZeroHash charges a conversion fee of 0.30% per deposit, with a minimum fee of $1.
The announcement builds on Interactive Brokers’ recent push into cryptocurrency-related services. The company began offering stablecoin account funding to U.S. retail customers in December, joining a growing list of brokerages trying to match crypto-native platforms in terms of speed and convenience. Interactive Brokers also invested in ZeroHash, which previously reported raising $104 million at a valuation of $1 billion.
Shares of Interactive Brokers jumped more than 3% on Thursday, hitting an all-time high of $75.