The world's largest broker TP ICAP plans to launch stablecoin trading pairs, aiming to go live in the first half of next year.

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Fusion Digital Assets, the cryptocurrency spot trading platform under the world's largest broker TP ICAP Group, plans to add stablecoin trading pairs in the first half of next year. At the time of the plan's announcement, the exchange's monthly trading volume in September surpassed $1 billion for the first time, which is five times the trading volume processed during the same period last year.

On Friday, according to media reports, Simon Forster, Global Co-Head of Digital Assets at TP ICAP, said in an interview that Fusion Digital Assets provides institutional market participants with spot Bitcoin and Ethereum trading, and plans to add stablecoin trading pairs in the first half of next year.

Stablecoin pairs refer to trading one stablecoin or other crypto assets with another stablecoin as the quote currency.

Duncan Trenholme, Global Co-Head of Digital Assets at TP ICAP, added to the media that this move reflects the company's view that over time, multinational institutions will begin to directly exchange stablecoins denominated in different currencies, resulting in a parallel “on-chain” spot foreign exchange market.

The digital asset boom was driven by a series of measures following US President Trump’s assumption of office. Previously, Trump made a series of pro-crypto personnel appointments and advocated for new stablecoin regulations. A more favorable regulatory environment in the US has increased large financial institutions’ interest in cryptocurrencies and other tokenized assets.

Thanks to massive capital inflows and the rise in Bitcoin prices, assets under management in BlackRock’s Bitcoin ETF IBIT are approaching $100 billion. Large financial institutions are also ramping up their use of crypto technology to handle traditional assets or make payments.

Due to regulatory uncertainty and the stringent capital requirements for crypto assets under Basel III, banks and other large institutions have basically not entered the crypto spot market. However, Simon Forster, Global Co-Head of Digital Assets at TP ICAP, said:

A more friendly regulatory stance in the US has benefited platforms like Fusion and could make it easier for large financial institutions to take action in the cryptocurrency market.

Fusion was launched in 2023 to provide institutional investors with a cryptocurrency platform equipped with some of the security mechanisms commonly adopted by other traditional asset exchanges.For example, the platform is equipped with a low-latency trade matching engine, and settlement and custody are separated, with relevant services provided by third-party network institutions.

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