Interactive Brokers accepts USDC deposits; Ripples RLUSD coming soon

The clients who are eligible for the brokerage account can now fund brokerage accounts with stablecoins, which provides 24/7 deposits with near-instant processing and will have access to global markets quickly,” Interactive Brokers said Thursday.

clients can send dollar-pegged stablecoin USDC from a crypto wallet to’safe wallet provided by collaborating with digital asset infrastructure provider ZeroHash, the Nasdaq-listed broker said. In addition to supporting Ripple’s RLUSD, it will support PayPal’S PYUSD next week as it expands beyond USDC.

Once the stablecoin is received, it automatically converts into U.S. A , S. dollars credited to the client’s brokerage account, and allowed them to exchange for multiple markets of Interactive Brokers shortly after starting the transfer.

The funding for “Stablecoin” gives international investors the speed and flexibility required in today’s markets. The release also includes the ability of clients to transfer money and begin trading in minutes, as well as reducing transaction costs, said Milan Galik, chief executive officer of Interactive Brokers.

At press time, USDC’s market capitalization was $75.68 billion, the world’s second largest behind tether’s $186.90 billion.

But the firm said it does not charge for stablecoin deposits (although user is charged with blockchain network fees) charges, citing users. ZeroHash uses 0 on . 30% conversion fee, with a minimum of $1.

News follows the announcement comes amid a new wave of Interactive Brokers’ expansion into crypto-linked services. In its early days, the company began offering stablecoin account funding for U.S. S, meanwhile. Retail clients in December, joining an increasing list of brokerages trying to match crypto-native platforms on speed and convenience. In addition, Interactive Brokers has been an investor in ZeroHash, which previously raised $104 million at a $1 billion valuation.

Shares in Interactive Brokers jumped over 3% on Thursday, hitting a lifetime high of $75.

Thanks for reading Interactive Brokers accepts USDC deposits; Ripples RLUSD coming soon