Charles Schwab enters spot trading, CEO confirms the launch of Bitcoin and Ethereum services
Rick Wurster, CEO of the well-known U.S. brokerage Charles Schwab, announced during a (CNBC) interview on Friday that the company is preparing to launch Bitcoin ($BTC) and Ethereum ($ETH) spot trading services, expected to go live "very soon." This decision will create a direct competitive relationship between Charles Schwab and the cryptocurrency exchange Coinbase.
Source: (CNBC) Charles Schwab CEO Rick Wurster stated on the program that the company is preparing to launch Bitcoin and Ethereum spot trading services.
Wurster stated that Charles Schwab's clients have already invested heavily in cryptocurrencies, currently holding over 20% of all cryptocurrency ETF products in the U.S., valued at about $25 billion. However, compared to the total assets managed by Charles Schwab of $10.8 trillion, cryptocurrency assets still account for only about 0.2%.
He emphasized: "Our clients are already investing in cryptocurrencies, and we expect that the launch of Bitcoin and Ethereum trading will accelerate our growth."
The launch of this service is primarily driven by customer demand. Wurster explained that many clients keep 98% of their wealth at Charles Schwab but still need to hold 1% to 2% of their cryptocurrency assets on other digital-native platforms. "They really want to bring their cryptocurrencies back to Charles Schwab because they trust us and hope to manage cryptocurrencies alongside other assets."
Directly challenging Coinbase, vying for customer asset return.
When asked whether he would directly compete with Coinbase, Wurster clearly responded: "Absolutely. If they buy cryptocurrencies at Coinbase, we would be happy to see them bring their cryptocurrencies back to Charles Schwab."
He stated that clients want to view stocks, bonds, cash, and cryptocurrencies on the same platform, rather than spread across different applications.
Charles Schwab's strategy is to position spot Bitcoin and Ethereum trading as an asset integration tool rather than a speculative trading platform. The company expects that once direct custody services are offered, assets currently held on other platforms will flow back. Wurster emphasized that Charles Schwab will adopt the same custody standards for cryptocurrency assets as for traditional securities.
Currently, the U.S. cryptocurrency regulatory environment is becoming more friendly. In 2025, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve withdrew the restrictive guidance issued after the FTX collapse, allowing banks to participate in cryptocurrency custody and trading activities.
Further reading
Three major regulatory agencies speak out! U.S. bank custody cryptocurrency regulations are released: Must bear all risks
Plans to issue stablecoins to target a $250 billion market
In addition to spot trading services, Wurster revealed during Friday's earnings call that Charles Schwab intends to issue its own stablecoin.
He stated: "Stablecoins may play a role in blockchain transactions, which is a service we indeed hope to provide."
This plan comes as the U.S. prepares to incorporate stablecoin regulation into its legal framework. President Trump is expected to sign the (GENIUS Act) last Saturday (7/19), which aims to establish a regulatory framework for stablecoins and could significantly boost stablecoin adoption. According to the forecast by Geoffrey Kendrick, global head of digital asset research at Standard Chartered Bank, the stablecoin market is expected to grow to about $750 billion by 2030.
Currently, the stablecoin market is dominated by cryptocurrency-native companies, with Tether being the largest stablecoin issuer, processing $179.3 billion in transactions over the past 24 hours, while U.S.-based Circle ranks second with $28.2 billion. However, traditional financial giants like Bank of America, Citigroup, and JPMorgan have also expressed interest in entering the stablecoin market.
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'Charles Schwab opens BTC, ETH spot trading! Competing with Coinbase for market share?' This article was first published in 'Crypto City.'
