Share this text

Prime brokerage firm Charles Schwab is able to compete with Coinbase because it gears towards launching spot Bitcoin and Ethereum buying and selling, mentioned CEO Rick Wurster on CNBC’s ‘Cash Movers’ this morning.

“Completely,” mentioned Wurster when requested whether or not Schwab’s upcoming spot crypto buying and selling would put it in direct competitors with business giants like Coinbase. “In the event that they’re shopping for their crypto on Coinbase, we’d like to see them convey it again to Schwab.”

Other than spot crypto buying and selling, Charles Schwab can be setting its sights on a stablecoin launch, Wurster mentioned earlier on Friday. The US Home handed the GENIUS stablecoin invoice on Thursday, and it’s set to turn into regulation.

Wurster additionally revealed that Schwab’s shoppers at the moment maintain greater than 20% of crypto exchange-traded merchandise within the business, amounting to about $25 billion of their complete $10.8 trillion in belongings on the agency.

“We anticipate launching Bitcoin and Ether someday quickly, in order that our shoppers have entry to that,” Wurster mentioned. “What we hear from lots of our shoppers is that they’ve 98% of their wealth right here at Schwab, and so they may maintain a p.c or 2% at some digital native agency to carry their crypto.”

Wurster famous that shoppers wish to consolidate their crypto holdings with their different investments at Schwab.

“They actually wish to convey it again to Schwab as a result of they belief us,” he mentioned. “They need it to take a seat alongside their different belongings.”

The corporate reported sturdy second-quarter 2025 earnings, with internet revenue rising almost 60% year-over-year to over $2 billion and income climbing 25% to $5.8 billion, pushed by beneficial properties in buying and selling income, internet curiosity revenue, and asset administration charges.

Charles Schwab (SCHW) shares hit a brand new file excessive throughout Friday’s buying and selling session, whereas Coinbase (COIN) additionally surged to a contemporary all-time excessive, in keeping with Yahoo Finance knowledge.

Share this text