Charles Schwab is poised to enter the spot trading market for Bitcoin and Ethereum, according to CEO Rick Wurster. This move is part of a broader strategy to expand its digital asset offerings and cater to growing client demand for exposure to cryptocurrencies.
Wurster announced the plans during a recent earnings call, emphasizing that direct spot trading for Bitcoin (BTC) and Ethereum (ETH) is on the horizon. The firm aims to position these cryptocurrencies as key growth drivers. Schwab, which manages $10.7 trillion in client assets, is looking to compete with major crypto exchanges like Coinbase and Fidelity by providing seamless access to these digital assets.
The decision to launch spot trading is driven by several factors. Wurster noted that many of Schwab's clients already have exposure to crypto through exchange-traded products (ETPs). In fact, Schwab clients own more than 20% of the crypto ETP market. However, these holdings represent a small fraction of their total wealth, approximately $25 billion out of $10.8 trillion. Clients have expressed a desire to consolidate their crypto holdings with Schwab, seeking the convenience and security of managing their digital assets alongside traditional investments. "They really want to bring it back to Schwab because they trust us. They want us to sit alongside their other assets," Wurster stated.
In addition to spot trading, Charles Schwab is exploring the launch of its own stablecoin. Wurster indicated that the company is considering various options for its issuance, including partnerships or independent development. Stablecoins, which are designed to maintain a stable value, are expected to play a significant role in blockchain transactions, and Schwab aims to provide its clients with these capabilities. The development of a stablecoin is part of Schwab's broader digital asset strategy, aimed at providing clients with modern payment and transaction solutions.
The move towards offering spot crypto trading comes amid evolving regulatory clarity in the United States. The rescission of restrictive guidelines by the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve has paved the way for greater participation by traditional financial institutions in the crypto space. Wurster initially revealed Schwab's plans to start spot crypto trading last November and reiterated the plans in the firm's Spring 2025 Business Update. At the time, he mentioned that the deployment would depend on a better regulatory environment in the US.
While a specific launch date has not been announced, the rollout of spot trading is expected "sometime soon," as the company adapts to regulatory and technological conditions. The introduction of spot trading has the potential to enhance institutional adoption of cryptocurrencies, building on the momentum from U.S.-listed spot Bitcoin ETFs.
Schwab's entry into the spot crypto market coincides with a period of fluctuating trading volumes. Crypto spot trading volumes on major centralized exchanges (CEXs) experienced a decline in the second quarter of 2025. Despite this, Bitcoin's price saw a significant increase during the same period, driven by inflows into Bitcoin funds and increased adoption by companies.
Charles Schwab's decision to offer spot crypto trading and explore stablecoins signifies the growing convergence of traditional finance and the digital asset world. By providing a platform for clients to manage both traditional and digital investments, Schwab is positioning itself as a key player in the evolving financial landscape.
