During Charles Schwab’s summer conference call update, CEO Rick Wurster confirmed plans to offer spot bitcoin and ether trading. He added that the company will also offer a stablecoin. However, Wurster expressed skepticism about tokenization, saying he has trouble seeing what problem it solves for public equities.
On the crypto front, the company is one of the largest players in crypto ETPs with clients investing $25 billion in the products or around 20% of the market. That figure is not invested in Schwab branded offerings. Its largest branded crypto product is the $148 million Schwab Crypto Thematic ETF.
“I talk to clients all the time who tell me the following: I’ve got 98% of my assets sitting at Schwab and 2% at a small firm that specializes in crypto, some digital native firm,” said Wurster. “And they say, I can’t wait until you have bitcoin or Ethereum because I want to move those assets to Schwab because I trust you, and I want them sitting alongside my other assets.”
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