“We’re seeing a significant trend in investments related to stablecoins on our platform, which highlights the growing importance of this sector,” said Daniel Tse, managing director of Futu Securities International, Hong Kong’s largest online brokerage firm, in a written interview on Thursday.
“We are very optimistic about the increasing demand for a connection between Web2 and Web3, prompting us to build a one-stop platform,” said Wu Tianhua, founder and CEO of online brokerage Tiger Brokers, at a briefing on Tuesday. Web2 refers to the current iteration of the internet and Web3 refers to a next-generation internet decentralised and distributed through blockchain and similar technologies.
In the past month, Tiger Brokers expanded its deposit options to the world’s largest stablecoin, Tether, as well as bitcoin, Wu said. The brokerage believes that supporting stablecoin deposits will enhance capital efficiency and flexibility in the market.
The broker said stablecoins would help reduce foreign exchange in cross-border transactions while improving user experience and fund mobility.