As traditional finance and the cryptocurrency sector increasingly converge, online brokerages are also accelerating their layouts.
Recently, Hong Kong brokerage Futu Holdings has been reported to be internally testing a deposit feature that supports stablecoins, expecting users to be able to use USDT and USDC to directly participate in trading U.S., Hong Kong, and Japanese stocks. This initiative not only signals the countdown for brokerages to enter the cryptocurrency space but may also ignite a revolution in global financial infrastructure.
Futu Securities opens internal testing for stablecoin deposits, enabling seamless trading of U.S., Hong Kong, and Japanese stocks
Market observer AB Kuai.Dong revealed this morning that Futu Securities (NASDAQ: FUTU) has initiated internal testing for a token deposit feature, initially supporting mainstream stablecoins such as USDT and USDC.
“Futu Securities is coming soon, and the token deposit page currently in internal testing is expected to be officially announced in the coming days. The first phase will support deposits with USDT/USDC stablecoins, allowing for direct trading of U.S., Hong Kong, and Japanese stocks. The functionality is relatively simple; it merely adds a cryptocurrency section to the existing comprehensive account.”
“Internet brokerages are counting down to make large-scale inroads into the cryptocurrency space and integrate stablecoins.” pic.twitter.com/dZGLEN2d57
— AB Kuai.Dong (@_FORAB) May 7, 2025
Screenshots also indicate that users can directly recharge their accounts using mainstream cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), further enabling trading in the traditional stock market. He commented, “The operational experience is comparable to Binance, and the speed is very fast.”
Chinese users may find it difficult to participate; tax and liquidity remain concerns
Even with mature technology, regulatory factors remain a significant variable. Commenters speculate that this feature may only be available to users in Hong Kong and overseas, as accounts linked to Chinese identities may not be enabled. After all, local regulations still prevent the purchase of Bitcoin ETFs, indicating that regulatory policies restrict the functionality’s expansion, creating a fintech gap between regions.
(Hong Kong Financial Secretary: Committed to building a regional cryptocurrency hub, tax-exempt income attracts foreign investment)
Some users have raised potential risks and concerns, including issues regarding tax obligations for stock trades conducted with stablecoin deposits and the liquidity and depth concerns most significant to large investors, all of which could impact actual usage rates.
A new driving force: how stablecoins are reshaping the global investment market?
Stablecoins like USDT and USDC, which are pegged to fiat currencies like the U.S. dollar, offer relatively stable prices and serve as a bridge between the cryptocurrency and financial worlds. Futu’s move embraces this trend, rapidly converting digital assets into operational funds, enhancing user experience and capital efficiency. In the future, users can expect to easily transfer funds from blockchain to the securities market, facilitating smooth capital flow.
(One dollar becoming two? How stablecoins subtly replicate the U.S. monetary system, alleviating debt pressure and printing money?)
Furthermore, the entry of online brokerages into the cryptocurrency space will accelerate the mainstreaming of crypto assets. With low-cost cross-border characteristics, stablecoins not only enhance capital efficiency but may also attract more traditional investors to explore digital assets.
At that time, the role of brokerages may evolve from intermediaries to diverse asset integration platforms, redefining financial boundaries.
Multiple online brokerages actively following suit; crypto functionalities becoming the new standard?
Futu Securities is not the only brokerage exploring the integration of stablecoins; numerous global institutions are also actively investing in the development and application of related functionalities:
- Victory Securities: As the first licensed brokerage in Hong Kong to support stablecoin deposits, it opened USDT and USDC deposit features on its VictoryX App last June and plans to launch a one-click fiat-to-token “Flash Swap” service.
- Coinbase (U.S.): Not only intends to apply for a U.S. federal banking license but is also pushing for the compliant implementation of security tokens to bridge the gap between traditional finance and cryptocurrency.
- Archax (UK): Launched stablecoin yield services under FCA regulation, allowing investors to convert stablecoins into yield-bearing assets.
- Robinhood: Partnered with Paxos to launch the stablecoin USDG, attempting to create a cross-platform stablecoin network to compete with existing stablecoins.
These developments indicate that stablecoins are rapidly becoming key assets for traditional brokerages and fintech companies to integrate, potentially transforming the fundamental landscape of global financial capital circulation and settlement.
From stablecoin deposits to on-chain settlements, brokerage transformation has just begun
Futu is just the beginning; in the future, more brokerages are expected to gradually venture into the cryptocurrency field, including features such as asset staking, on-chain trading settlements, and even issuing their own stablecoins. This wave of financial innovation will not only significantly integrate cryptocurrencies into traditional capital markets but also open up more asset allocation options for global investors.
(Bringing U.S. stocks and ETFs on-chain! Ondo founder Allman: brokerages are competing to collaborate, with BlackRock and Goldman Sachs participating in governance verification)
The activation of stablecoin features by Futu Securities reflects changes in the entire financial market landscape. At the intersection of tradition and innovation, regulatory policies, market demands, and technological developments will jointly shape the future of finance. The next brokerage to rush into the cryptocurrency space may be just around the corner.
Risk Warning
Cryptocurrency investments carry a high risk; their prices can be highly volatile, and you may lose all your principal. Please assess the risks carefully.