FTX approves the use of stablecoins to buy shares
The U.S. division of the FTX exchange allowed customers to use stablecoins to top up their balances in order to buy stocks.
According to The Wall Street Journal, so far, the feature is available to a limited number of users in the U.S. In the next few months, the exchange is going to expand its functionality for all customers nationwide.
In the words of FTX.US president Brett Harrison, the exchange eventually wants to offer trading in other asset types like futures. At the same time, FTX.US plans to provide a commission-free service without passing customers' orders to high-frequency traders. For example, Robinhood has a similar business model, and it has already caused skepticism on the part of the U.S. stock exchange regulator.
However, Brett Harrison said that commission-free trading could be a temporary option, as the exchange is not rushing to "make a profit on day one." According to media reports, FTX will also allow equity trading to be funded by the USD Coin Stablecoin (USDC).
It is noteworthy that the exchange has previously tried to enter the stock market globally. Indeed, FTX has launched tokenized stock trading, but not for U.S. clients. The introduction of tokenized shares became possible thanks to cooperation with the Swiss crypto company Digital Assets and the German financial services provider CM Equity.
Binance also tried to launch tokenized shares, but the exchange soon ceased trading, saying it intended to switch to other products and services. Still, the company did not specify which ones.
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