coindesk.com
Interactive Brokers said Thursday that eligible clients can now fund brokerage accounts using stablecoins, offering 24/7 deposits with near-instant processing, unlocking quick global market access.
The Nasdaq-listed broker said clients 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 plans to add support for Ripple’s RLUSD and PayPal’s PYUSD next week, expanding beyond USDC.
Once received, the stablecoin is automatically 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.
“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,” Milan Galik, chief executive officer of Interactive Brokers, said in the release.
At press time, USDC's market capitalization was $75.68 billion, the world's second largest behind tether's $186.90 billion.
The firm said it does not charge fees for stablecoin deposits, though users are responsible for blockchain network fees. ZeroHash applies a 0.30% conversion fee per deposit, with a minimum fee of $1.
The announcement builds on Interactive Brokers’ recent push into crypto-linked services. The firm 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. Interactive Brokers has also been an investor in ZeroHash, which previously said it raised $104 million at a $1 billion valuation.
Shares in Interactive Brokers jumped over 3% on Thursday, hitting a lifetime high of $75.