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Schwab wants to offer stablecoin in the context of the expanding cryptocurrency services.
Charles Schwab is planning to issue its own stablecoin, according to CEO Rick Wurster. He stated that the stablecoin will play an important role in transactions on the blockchain and Schwab wants to provide this service. The company is also preparing to launch spot Bitcoin and Ethereum ETF trading for clients. With over 7 trillion USD in assets under management, Schwab has been cautious about cryptocurrency but is now actively expanding. They have joined the ranks of major financial institutions like Citigroup and JP Morgan that are interested in the stablecoin market, which is worth over 250 billion USD. It is expected that President Donald Trump will sign the Genius Act – the first legal framework for stablecoins – this week. The stablecoin market is forecasted to reach 750 billion USD by 2030, according to Standard Chartered bank.