In Brief
- Interactive Brokers allows clients to fund accounts using stablecoins like USDC.
- Stablecoin funding offers near-instant deposits and 24/7 availability across 170 markets.
- Future support for Ripple Coin and PayPal’s PYUSD planned next week.
Interactive Brokers has introduced a new feature allowing eligible clients to fund their brokerage accounts using stablecoins like USD Coin (USDC).
This funding option offers near-instant processing and 24/7 availability, enabling clients to deposit funds and begin trading across 170 global markets within minutes.
This innovation aims to streamline the funding process and offer an efficient solution to cross-border transactions, which often face delays and high costs.
New Funding Option Streamlines Global Transactions
The new stablecoin funding method addresses challenges that international investors typically face when using traditional USD wire transfers.
Wire transfers are often slow and expensive, especially in regions with limited banking infrastructure. Stablecoin funding, by contrast, settles near-instantly and operates around the clock, reducing transaction costs and delays.
Clients can transfer USDC from their crypto wallets to a secure wallet provided by Interactive Brokers’ partner, zerohash. Once the stablecoin is received, it is automatically converted into US dollars and credited to the client’s brokerage account, allowing them to start trading immediately.
Interactive Brokers plans to expand this feature by adding support for additional stablecoins, including Ripple Coin (RLUSD) and PayPal’s PYUSD.
The company does not charge any fees for stablecoin deposits, although clients are responsible for any blockchain network fees. Zerohash applies a conversion fee of 0.30% per deposit, with a minimum fee of $1.
This new stablecoin funding option is available to eligible clients of Interactive Brokers LLC. By implementing this service, the company aims to improve the trading experience for international clients and continue innovating in the financial services space.
This move aligns with Interactive Brokers’ broader goal of providing fast, cost-effective solutions to enhance global market access.
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