One of the world’s leading brokers, Interactive Brokers, has introduced the ability to deposit trading accounts via stablecoins, allowing clients to deposit funds around the clock, including weekends and holidays. The USDC coin is available at launch, and Ripple’s RLUSD and PayPal’s PYUSD are planned to be added soon.
The brokerage company implemented the innovation in cooperation with infrastructure provider ZeroHash. Clients can transfer USDC from their crypto wallet to a secure address, where the coins are automatically converted into US dollars and credited to the brokerage account. The entire operation takes a few minutes, providing almost instant access to trading stocks and other financial instruments.
Next week, the broker will expand the list of supported digital currencies by adding Ripple’s RLUSD and PayPal’s PYUSD.
Interactive Brokers CEO Milan Galik emphasized that the new account replenishment method is beneficial for international investors who face long, expensive international bank transfers.
The broker itself does not charge a fee for deposits in stablecoins. However, clients bear certain costs:
- Partner ZeroHash charges 0.30% for converting cryptocurrency into US dollars (minimum amount is $1)
- Users pay the blockchain network fees (gas fee) for the transaction
The announcement had a positive impact on quotes: Interactive Brokers shares rose by more than 3%, setting a historical record at $75 per share.