Interactive Brokers enables 24/7 trading with USDC stablecoin funding

Interactive Brokers, a large, global electronic brokerage firm widely cited for its strong drive to become the number one stablecoin trading firm, integrated a new 24/7 trading feature into its system, enabling users to expand their stablecoin holdings in their accounts whenever they need.

This announcement was made public on Thursday, January 15. At this time, the brokerage firm noted some advantages of using stablecoins in trading, asserting that stablecoins are a swift, affordable, and globally available option compared to other methods, such as wire transfers, which are perceived as regular funding methods. 

To further elaborate on its unique features, Interactive Brokers noted that stablecoins can extend trading hours, unlike traditional wire transfers.

Interactive Brokers embraces a major move aimed at increasing USDC adoption globally 

Following these assertions from the company, Milan Galik, CEO of Interactive Brokers, argued that, “Using stablecoin funding gives international investors the speed and flexibility they need in today’s markets. Clients can move funds and start trading within minutes while lowering transaction costs.”

Immediately after his remarks, sources close to the matter, who wished to remain anonymous due to the confidential nature of the situation, clarified that Zerohash, a B2B crypto infrastructure provider, is the primary factor behind this incorporation’s success. Before initiating this upgrade, Interactive Brokers encouraged its retail investors in December to deposit several USDC in their individual brokerage accounts.

Notably, for the stablecoin to be effectively included in the client’s brokerage account, users were advised to transfer the cryptocurrency from their personal crypto wallets to a Zerohash wallet on a major network such as Ethereum, Solana, or Base that has current backing, thereby positioning this wallet as the most secure. Upon receipt of USDC, the digital asset is automatically converted to US dollars and added to the brokerage account.

Considering the increased adoption of stablecoins worldwide and their reshaping of global finance, Edward Woodford, the Founder and CEO of Zerohash, mentioned that the crypto infrastructure platform will charge a conversion fee as low as 0.30% per deposit, bringing the minimum charge to $1.

Apart from this fee, reports highlighted that users will also be required to pay the usual blockchain transaction charges. At this moment, sources highlighted that Mastercard proposed purchasing Zerohash for up to $2 billion. Acquisition talks proceeded; however, the current status of this discussion remains unclear.

Interactive Brokers positions itself as a leader in the crypto industry 

Interactive Brokers’ move to integrate 24/7 trading with USDC stablecoin funding comes as the firm seeks to launch more trading alternatives linked to stablecoins, potentially as early as next week. These options include RLUSD, a fiat-backed stablecoin issued by Ripple, and  PYUSD, a stablecoin from PayPal, pegged 1:1 to the US dollar.

Following this funding, reports from reliable sources indicated that the brokerage company publicly announced its intention to introduce its own stablecoin last year.

Meanwhile, it is worth noting that Interactive Brokers, founded in 1977, is widely known for its low fees in the crypto industry.

It began operations in late 2021, offering crypto trading and custody services for four major assets, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. This operation took place in partnership with Paxos, a regulated blockchain infrastructure company. 

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