Interactive Brokers, an online brokerage firm, is considering the possibility of issuing a new stablecoin for its clients.
The move is seen as part of a shift by major financial institutions towards digital assets as the US begins to loosen regulations on the cryptocurrency sector.
Speaking to Reuters, the company’s billionaire founder, Thomas Peterffy, said plans to issue stablecoins are being developed, but a final decision on how to offer the service to customers hasn’t yet been made. “If we see people adopting these assets and appreciating them, that’s fine,” Peterffy said, taking a cautious approach to the sector, saying, “but I’m still not convinced.”
Interactive Brokers, with a market capitalization of approximately $110 billion, currently partners with Paxos and has invested in crypto exchange Zero Hash. According to the company, this partnership allows clients to trade various cryptocurrencies and now aims to integrate new services such as 24/7 instant stablecoin transfers and fast fund transfers between major crypto assets.
One option the Greenwich, Connecticut-based company is considering is allowing stablecoins issued by other financial institutions to be used to fund Interactive Brokers accounts. The issuer’s reputation will be the deciding factor in this.
*This is not investment advice.
