tZERO Launches Technology Enhancement Enabling Automated USDC to Fiat Account Funding

tZERO Markets Customers Can Now Fund Their Accounts Following a 1:1 USDC to Fiat Conversion in Real-Time

tZERO, a leader in blockchain innovation and liquidity for digital assets, announced that it has launched an enhancement to its private digital security trading platform that enables its customers to fund their brokerage accounts using USD Coin (USDC). The feature provides automatic liquidation of USDC through a third-party custodian to enable brokerage account funding for securities transactions. USDC is an open-source, smart contract-based stablecoin that is backed by reserved assets. Through this technology enhancement, users are now able to sell their USDC through their third-party custodial accounts and cryptocurrency wallets and seamlessly transfer the fiat USD proceeds to their brokerage account at tZERO Markets. tZERO plans to expand this functionality to a variety of cryptocurrencies.

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tZERO Interim CEO and Chief Legal Officer Alan Konevsky stated, “We are excited to introduce the ‘USDC-to-fiat’ account funding feature to tZERO Markets customers and have laid the groundwork for supporting conversions utilizing other crypto assets. As the industry works to weave digital assets into the fabric of traditional finance and leverage the benefits of blockchain technology, announcement marks an important step in debalkanizing the industry and improving the customer experience, as we work towards a cohesive user experience across a range of our securities and cryptocurrency products later this year.”

All tZERO Markets customers will have access to this enhanced functionality. Through the tZERO Markets user interface, a user will have access to a third-party application of a custodial bank. In the custodial bank’s application, the user will be able to open a custodial bank account, deposit USDC stablecoin in their custodial account, convert their USDC to fiat, and then deposit the fiat into their brokerage account to use in the purchase of securities trading on the tZERO ATS.

This feature comes ahead of the trading of Exodus’ Class A common stock on the tZERO ATS on September 14, 2021, as well as tZERO’s merge of the private digital security and cryptocurrency user experience to create one seamless touchpoint for customers later this year.