Interactive Brokers Expands Crypto Funding with USDC and Upcoming Ripple, PayPal Stablecoins

Interactive Brokers Expands Crypto Funding with USDC and Upcoming Ripple, PayPal Stablecoins

Interactive Brokers, a leading electronic brokerage firm, has announced that eligible U.S. clients can now fund their accounts using USD Coin (USDC). This new service offers near-instantaneous deposits that are available 24/7, including weekends and holidays, streamlining access to 170 global markets.

Key Features

• USDC Support: Clients can now fund accounts with USDC for rapid, around-the-clock processing.
• Upcoming Stablecoins: Ripple's RLUSD and PayPal's PYUSD support will be introduced next week.
• Automatic Conversion: Upon receipt, stablecoins are automatically converted to USD and credited to the client's account via Ethereum, Solana, or Base networks.

Interactive Brokers does not impose fees on stablecoin deposits, although clients are responsible for blockchain network charges. A conversion fee of 0.3% per deposit, with a $1 minimum, is applied by the company's partner, Zerohash. This new feature aims to overcome the limitations of traditional cross-border funding methods, leading to a nearly 4% increase in Interactive Brokers' stock price, trading close to $74.