Charles Schwab, one of the lending brokerage firms in the U.S, is getting ready to launch spot Bitcoin and Ethereum trading. During an interview on CNBC’s Money Movers on Friday morning. CEO Rick Wurster said this will put the firm in direct competition with major crypto platforms like Coinbase.
When asked if Schwab would be going head-to-head with Coinbase, Wurster responded, saying, “Absolutely. If they’re buying their crypto on Coinbase, we’d love to see them bring it back to Schwab.”
Wurster explained that many Schwab clients already invest in crypto, but often use outside platforms to do so. Schwab wants to change that by offering a safe and trusted way to trade crypto directly through their system.
“What we hear from many of our clients is that they have 98% of their wealth here at Schwab, and they might hold a percent or two at some digital native firm to hold their crypto,” he said. Wurster added, “They really want to bring it back to Schwab because they trust us. They want it to sit alongside their other assets.”
Wurster also revealed that Schwab’s clients currently hold more than 20% of all crypto exchange-traded products (ETPs) in the market, which equals about $25 billion. But that’s still a small part of Schwab’s total client assets, which are worth $10.8 trillion. “Our clients trust us,” Wurster said. “They want their crypto to sit alongside their other investments, like stocks and bonds.”
In addition to crypto trading, Schwab is also planning to launch its own stablecoin soon. This plan comes after the U.S. House of Representatives passed the GENIUS stablecoin bill yesterday. President Trump is expected to sign the bill into law today.
Meanwhile, Schwab shared its second-quarter financial results recently, and it is impressive. The company earned more than $2 billion in profit, which is a 60% increase compared to last year. Revenue also went up by 25%, reaching $5.8 billion.
The firm also opened over 1.1 million new accounts and now manages a record $10.76 trillion in client assets. Both Schwab and Coinbase stocks hit all-time highs during today’s earlier trading session. Coinbase surged by 6% to $444 while Schwab went as high as $98.48.
Also Read: Coinbase Stock Hits Record High as Crypto Bills Pass in U.S. House
