Trillion Dollar Bank Enters Bitcoin and Ethereum: Could Issue Coin!
The trillion-dollar bank in the US has announced that it will soon start transactions for Bitcoin (BTC) and Ethereum (ETH), while also bringing its plan to issue its own stablecoin to the table.
One of Wall Street's major players, Charles Schwab, is accelerating its moves towards the cryptocurrency market. The bank's CEO, Rick Wurster, stated in an interview with CNBC that they will initiate spot trading transactions for Bitcoin and Ethereum in the near future due to increasing demand from their clients. Wurster expressed that Schwab sees the cryptocurrency sector as a significant growth area and that their clients want to keep their assets in Schwab, a trusted institution, rather than on other platforms.
The interest of Charles Schwab's clients in crypto assets is quite remarkable. Bank customers hold more than 20% of all crypto ETFs in the sector. CEO Wurster said, "Our clients are purchasing cryptocurrencies on platforms like Coinbase, but they want to bring them to Schwab. We want to accelerate our growth by providing that."
Stablecoin plan on the table
Aside from spot transactions, another noteworthy move by Charles Schwab is the idea of issuing a stablecoin. The bank plans to implement this project either through a consortium of banks or independently. With the easing of strict regulations imposed after the collapse of FTX in the US, it has become easier for banks to participate in cryptocurrency transactions.
Charles Schwab had previously offered Bitcoin and Ethereum ETFs on its platform. Approximately $25 billion of the total $10.8 trillion in assets managed by the company consists of cryptocurrencies.
