FTX has become the first exchange to offer stock trading using stablecoins. The Co-founder Sam Bankman-Fried announced the launch of stock trading capabilities for customers via the US division.

FTX is the second-largest crypto exchange in the world. It is expanding the business to include stock trading. For now, only the customers on the waitlist can start trading stocks. The full rollout will occur in late 2022.

The exchange plans to offer its US customers “hundreds of U.S exchange-listed securities, including stocks and ETFs.” All the orders will be routed through Nasdaq instead of any third-party market maker.

FTX will allow users to carry out stock trading without any commission or fee. Moreover, there is no minimum balance requirement for no-fee trading.

Also Read: Binance Suspends Luna Trading

The exchange also announced that it will not receive payment for order flow (PFOF). PFOF is a method by which exchanges get paid for directing orders toward market makers. Robinhood is notorious for this order fulfillment method because it often means that investors don’t get shares at the best price due to market makers’ profit from the spread.

The brokerage account could be funded using stablecoins such as USDC and UST etc. FTX is the first-ever exchange to provide this capability. Nevertheless, users can also fund their accounts via fiat currency using wire transfers, ACH transfers, and credit card deposits.

FTX is going from an institutionally focused platform to a more trading focus change. It will serve an array of retail investors. Bank-Friedman bought 7.6% shares in Robinhood which is a move towards broadening the company’s trading roots.

The US president of the FTX, Brett Harrison, told the wall street journal in an interview “What we eventually want to offer is an everything app for financial services.”