Interactive Brokers accepts USDC deposits; Ripple's RLUSD coming soon

Core Viewpoint - Interactive Brokers has introduced the ability for eligible clients to fund brokerage accounts using stablecoins, enhancing global market access with 24/7 deposits and near-instant processing [1][5]. Group 1: Stablecoin Funding - Clients can transfer dollar-pegged stablecoin USDC from a crypto wallet to a secure wallet provided by ZeroHash, with plans to add support for Ripple's RLUSD and PayPal's PYUSD next week [1][5]. - Once received, the stablecoin is automatically converted into U.S. dollars and credited to the client's brokerage account, enabling trading shortly after the transfer [2]. Group 2: Market Impact and Fees - Milan Galik, CEO of Interactive Brokers, emphasized that stablecoin funding offers international investors speed and flexibility, allowing fund transfers and trading within minutes while reducing transaction costs [3]. - The firm does not charge fees for stablecoin deposits, but users are responsible for blockchain network fees. ZeroHash applies a 0.30% conversion fee per deposit, with a minimum fee of $1 [4]. Group 3: Company Developments - This announcement is part of Interactive Brokers' strategy to expand into crypto-linked services, having previously offered stablecoin account funding for U.S. retail clients since December [5]. - Interactive Brokers has invested in ZeroHash, which recently raised $104 million at a $1 billion valuation. Following the announcement, shares in Interactive Brokers rose over 3%, reaching a lifetime high of $75 [5].