During a live broadcast, Charles Schwab CEO Rick Wurster made a huge revelation, suggesting that the asset management company is planning to launch Bitcoin and crypto trading services.
JUST IN: $10 trillion Charles Schwab CEO says they will launch Bitcoin trading “sometime soon” and will be competing with Coinbase 👀 pic.twitter.com/VnpHfcFed0
— Bitcoin Magazine (@BitcoinMagazine) July 18, 2025
In an interview, Rick Wurster said, “We anticipate launching Bitcoin and Ethereum trading soon, allowing our clients to access these assets. We believe this will accelerate our growth, as many clients have told us that 90% of their wealth is held at Charles Schwab, with only 1% or 2% at digital asset firms or crypto exchanges. They want us to hold their crypto holdings because they trust Schwab. Offering these assets alongside their other investments will drive significant growth.”
$10T Charles Schwab to Launch Bitcoin and Crypto Trading
According to Wurster, Bitcoin and Ethereum will be big money-makers for the company in the upcoming years. The business is already doing well, with $5.8 billion in revenue for spring 2025, which is 25% more than the previous year. According to reports, this growth came from trading profits, interest earnings, and investment fees.
Charles Schwab first announced plans to offer cryptocurrency last fall and confirmed them again this spring. However, Wurster explained they are waiting for clearer US government rules before launching the service.
Wurster also revealed that Schwab is planning to launch its own stablecoin, pegged to stable assets like USD. The company is assessing different ways to make this happen, including teaming up with other firms, building it themselves, or using existing crypto networks.
This revelation comes as U.S. President Donald Trump prepares to sign the first cryptocurrency legislation, the GENIUS Act, for USD-pegged stablecoins. This legislation will provide stablecoin issuers with a clear regulatory framework for such digital assets. Significant developments in the GENIUS Act and other cryptocurrency bills, such as the CLARITY Act and the Anti-CBDC Act, have encouraged major financial institutions and firms to engage in the digital asset market.
Major US banks like Bank of America and Citibank are developing their stablecoins as Washington heads toward more crypto-friendly rules. BofA CEO Brian Moynihan confirmed that the bank is actively working on a stablecoin project, telling investors that it is happening.
“We feel both the industry and ourselves will have responses. We’ve done a lot of work,” Moynihan, CEO of the second-largest U.S. bank, said during a post-earnings conference call.
“We are still trying to figure out how big or small it is, because in some places there are not big amounts of money movement. So you would expect us all to move, our company to move on that,” he said.
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