Interactive Brokers Group Inc. (Nasdaq: IBKR) announced that eligible clients of its Interactive Brokers LLC unit can now fund brokerage accounts using stablecoins. This move enables near-instant processing and round-the-clock availability across 170 global markets.
Stablecoin Funding Goes Live
The brokerage firm stated that clients can deposit USDC from their crypto wallets to a secure wallet provided through a collaboration with zerohash. The stablecoin is then automatically converted into U.S. dollars and credited to accounts.
Interactive Brokers plans to add support for Ripple's RLUSD and PayPal's PYUSD next week.
The company does not charge fees for stablecoin deposits, though clients must cover blockchain network fees. zerohash applies a conversion fee of 0.30% per deposit, with a $1 minimum.
Faster Global Access Through Stablecoins
Traditional cross-border funding has posed persistent challenges for international investors, particularly in regions where U.S. dollar wire transfers are expensive or require multiple correspondent banking relationships.
"Stablecoin funding provides international investors with the speed and flexibility required in today's markets," said Milan Galik, chief executive officer of Interactive Brokers. "Clients can transfer funds and begin trading within minutes, while also reducing transaction costs."