Charles Schwab Eyes Bitcoin and Ethereum Trading, Stablecoin Launch
Charles Schwab is planning to introduce Bitcoin (BTC) and Ethereum (ETH) trading, aiming to compete with cryptocurrency exchanges like Coinbase, according to CEO Rick Wurster. This move follows the recent enactment of the GENIUS Act, marking a significant step in U.S. cryptocurrency legislation.
Demand Drives Crypto Expansion
Growing client demand is the key reason behind Charles Schwab’s consideration of offering Bitcoin and Ethereum trading services. Wurster revealed in a recent interview that the company intends to launch these products “sometime soon.” Many clients are eager to consolidate their cryptocurrency holdings within Schwab’s platform.
“What we hear from many of our clients is that they have 98% of their wealth here at Schwab, and they may have 1% or 2% at some digital native firm to hold their crypto, and they really want to bring it back to Schwab because they trust us,” Wurster explained.
Currently, Schwab’s clients hold over 20% of digital asset exchange-traded funds (ETFs), totaling $25 billion, which represents just over 0.2% of the company’s $10.8 trillion in assets under management (AuM).
Competing with Coinbase
By adding Bitcoin and Ethereum trading, Wurster hopes to capture a portion of the spot market currently dominated by Coinbase. “If they are buying their crypto on Coinbase, we would love to see them bring it back to Schwab,” he stated.
Stablecoin on the Horizon
Schwab is also preparing to launch its own stablecoin, joining other traditional finance giants like Fidelity and J.P. Morgan in exploring this token category.
GENIUS Act Signed into Law
The cryptocurrency community is celebrating President Trump’s signing of the GENIUS Act, which aims to regulate stablecoin issuers in the U.S. The law establishes guidelines, including anti-money laundering (AML) rules, and ensures that assets are fully backed by the U.S. dollar. The House of Representatives passed the GENIUS Act alongside the CLARITY and Anti-CBDC bills, which are now headed to the Senate for consideration.
Current Crypto Prices
At the time of reporting, Bitcoin and Ethereum are trading at $117,800 and $3,540, respectively.
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