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Interactive Brokers has announced that eligible clients of Interactive Brokers LLC can now fund their brokerage accounts using stablecoin, offering near-instant processing and 24/7 availability, including weekends and holidays.
The automated global electronic broker said the new capability enables clients to deposit funds and begin trading across 170 global markets within minutes of initiating a transfer.
Stablecoin funding addresses cross-border funding challenges for international investors, particularly in regions where USD wires are expensive, slow, or require multiple correspondent banking relationships, the company said.
The service settles near-instantly and operates 24/7 with significantly lower costs than traditional wire transfers. Global clients of Interactive Brokers LLC can now fund their accounts outside of their local business hours and trade immediately.
Milan Galik, Chief Executive Officer, Interactive Brokers said:
"Stablecoin funding provides international investors with the speed and flexibility required in today's markets. Clients can transfer funds and begin trading within minutes, while also reducing transaction costs,"
Clients can fund their accounts with USDC, a digital asset backed 1:1 by the US dollar, from their crypto wallet to a secure wallet provided through a collaboration with zerohash. Interactive Brokers plans to add support for Ripple Coin (RLUSD) and PayPal's coin (PYUSD) next week. Once received, the stablecoin is automatically converted into US dollars and credited to the client's brokerage account.
Interactive Brokers does not charge fees for stablecoin deposits. Clients are responsible for any fees associated with the blockchain network. zerohash applies a low conversion fee of 0.30% per deposit, with a minimum fee of $1.
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