Interactive Brokers Supports Stablecoin Deposits, USDC to be Automatically Converted to USD

Odaily News Electronic brokerage giant Interactive Brokers has announced an expansion of its crypto business, allowing clients to fund their accounts using stablecoins. According to the announcement, Interactive Brokers has partnered with stablecoin infrastructure service provider Zerohash to support client deposits of USDC via the Ethereum, Solana, or Base networks. The related funds will be automatically converted to U.S. dollars and credited to their securities accounts.

Interactive Brokers stated that it will also gradually support Ripple USD (RLUSD) and PayPal USD (PYUSD) within the coming week. The company pointed out that compared to traditional cross-border wire transfers, stablecoin deposits enable near real-time settlement, lower costs, and are not restricted by trading hours, which helps alleviate the efficiency pain points for international investors entering global capital markets. Interactive Brokers CEO Milan Galik said that stablecoin deposits will provide clients with higher capital transfer speed and flexibility, allowing them to complete deposits and begin trading within minutes. (Cointelegraph)