Interactive Brokers (IBKR) now allows clients to fund their brokerage accounts using stablecoins.
The U.S. brokerage said that its clients can send dollar-pegged stablecoin USD Coin (USDC) from a cryptocurrency wallet to a secure wallet on its trading platform.
Stablecoins are cryptocurrencies whose price is pegged to another asset, typically the U.S. dollar or price of gold.
USD Coin, which is administered by Circle Internet Group (CRCL), is the first of many stablecoins that Interactive Brokers plans to facilitate on its platform.
The company said that it plans to add support for Ripple’s RLUSD and PayPal’s (PYPL) PYUSD stablecoins in coming weeks.
Once received at Interactive Brokers, the stablecoins will be automatically converted into U.S. dollars and credited to the client’s brokerage account.
This process will allow people to trade across Interactive Brokers’ line-up of markets shortly after initiating the stablecoin transfer, said the company in a statement.
“Stablecoin funding provides international investors with the speed and flexibility required in today's markets,” said Interactive Brokers.
The company added that it will not charge any fees for stablecoin deposits, though users are responsible for blockchain network fees.
The stablecoin announcement comes as Interactive Brokers’ pushes further into cryptocurrencies, responding to clients’ interest and demands.
IBKR stock has risen 57% over the last year to trade at $73.68 U.S. per share.
