Interactive Brokers Expands Crypto Services with Stablecoin Funding
- Interactive Brokers now allows clients to fund accounts using stablecoins like USDC on Ethereum, Solana, and Base blockchains.
- Deposited stablecoins are automatically converted to US dollars for trading purposes.
- The firm plans to support Ripple USD (RLUSD) and PayPal USD (PYUSD) next week.
- In October, the stablecoin market cap exceeded $300 billion, with a year-to-date growth of approximately 46.8%.
- As of now, the total market cap for stablecoins is over $310 billion according to DeFi data aggregator DefiLlama.
This move addresses high costs and slow processes in traditional cross-border funding by offering near-instant settlements and lower transaction fees through stablecoin funding, as stated by CEO Milan Galik.
With this expansion, Interactive Brokers enhances its crypto offerings that began in December when retail investors could first fund accounts with USDC. (Source)
