Internet brokerages are "embracing crypto," while crypto exchanges are "breaking boundaries."

Yesterday, Futu Securities announced the launch of Bitcoin, Ethereum, and USDT deposit services, allowing users to directly transfer crypto assets into their accounts, bridging the funding channel between the crypto world and the stock market. On the other hand, crypto exchanges are no longer confined to their niche ecosystems but are expanding into payment scenarios, with some platforms even incorporating traditional assets like U.S. stocks and gold into their trading offerings.

With brokerages opening crypto gateways and exchanges consolidating resources to expand payment and compliance pathways, will 2025 mark a new starting point for crypto asset circulation?

Futu’s Crypto Ambitions

Futu Securities has long ranked among the top Hong Kong stock trading apps, boasting over 25 million registered users globally and client assets totaling HKD 743.3 billion. Now, it is accelerating into the fast lane of crypto assets.

As early as 2023, Futu began laying the groundwork for crypto. Its virtual asset platform, PantherTrade, submitted an application for a virtual asset trading license to Hong Kong’s Securities and Futures Commission in November of that year. On August 1, 2024, Futu officially launched cryptocurrency trading, offering spot trading pairs for BTC and ETH.

Yesterday, Futu took another step forward by enabling deposits of Bitcoin, Ethereum, and USDT. Eligible users can now transfer crypto assets directly into their Futu accounts, freely switching between Hong Kong/U.S. stocks, ETFs, funds, bonds, and virtual assets in a diversified portfolio.

According to Futu’s website, the minimum deposit thresholds are currently 0.0002 BTC and 0.001 ETH, while USDT deposits are only available to professional investors. User feedback indicates that Futu’s deposit speed is on par with major exchanges, offering a smooth experience.

"Brokerages Embracing Crypto" Is a Trend

Futu is not alone—traditional brokerages worldwide are rapidly embracing crypto assets. In Hong Kong, Victory Securities moved earlier, allowing users to deposit and withdraw USDT and USDC via its VictoryX app in May 2024 and positioning itself as a "full-service virtual asset ecosystem provider" for the next three years.

Globally, U.S. brokerage Robinhood was one of the earliest adopters. In 2024, its crypto trading volume surged to $143 billion, a 259% year-on-year increase, nearing two-thirds of Coinbase’s retail trading volume. Not content with this, Robinhood acquired Bitstamp and plans to launch crypto services in Singapore by the end of 2025, accelerating its expansion into the Asia-Pacific market.

New entrants are doubling down, while hesitant players are catching up. Charles Schwab is expected to enable BTC and ETH spot trading this year, and Morgan Stanley’s E*Trade plans to roll out crypto services by 2026.

Crypto Platforms "Break Boundaries" and Evolve

It’s not just traditional brokerages moving toward crypto—crypto platforms are also "breaking boundaries" by connecting with traditional financial markets.

Bybit recently revealed plans to introduce traditional asset trading, including U.S. stocks, stock indices, gold, and crude oil, aiming to expand its asset coverage within the year.

Meanwhile, crypto platforms are rapidly integrating payment and consumption scenarios. OKX launched OKX Pay, a "crypto version of Yu’e Bao," allowing users to earn stable yields on idle assets. Platforms like Bitget and Coinbase have already rolled out crypto cards, with OKX and Kraken preparing to follow suit. Digital assets are now seamlessly entering online and offline spending through payment solutions.

The strategic rollout of "crypto cards" is expanding the application boundaries of crypto assets, strengthening platform ecosystems, enhancing user retention, and creating new revenue streams.

Starting with crypto assets and now connecting to global mainstream investments and payment channels, crypto platforms are redefining their boundaries. Crypto KOL Rocky asserts, "In the future, there will only be two types of exchanges: comprehensive platforms integrating RWA and traditional exchanges clinging to pure crypto assets."

Perhaps the blueprint for the next generation of exchanges is being redrawn.

Crypto-Stock Integration Is an Inevitable Trend

The accelerating convergence of crypto and stocks brings both opportunities and challenges. In the future, crypto projects will compete head-to-head with global capital markets for liquidity and attention. Meanwhile, more investors may begin evaluating crypto assets through the lens of U.S. and Hong Kong stocks, accelerating the淘汰 of low-quality tokens and steering the market toward premium assets. Stablecoin adoption will continue to rise as the crypto market integrates into mainstream finance.

Globally, clearer regulatory frameworks and higher compliance barriers are paving a stable path for traditional brokerages and mainstream crypto platforms. At the same time, IPOs, mergers, and cross-industry integrations are becoming commonplace, with traditional financial capital and crypto infrastructure reshaping the market landscape.

Crypto assets are transcending their isolated ecosystems and moving toward broader circulation and application scenarios.