Trillion Dollar Bank Enters Bitcoin and Ethereum: May Issue Coins! - Coin Bulletin

The trillion-dollar bank of the USA recently announced that it will start transactions for Bitcoin (BTC) and Ethereum (ETH), while also bringing up its plan to issue its own stablecoin.

Charles Schwab, one of the giants of Wall Street, is accelerating its moves towards the cryptocurrency market. The bank’s CEO, Rick Wurster, announced in a statement to CNBC that they will soon initiate spot trading for Bitcoin and Ethereum due to the increasing demand from their clients. Wurster expressed that Schwab views the cryptocurrency sector as a significant growth area and that their clients want to hold their assets at Schwab, a trusted institution, rather than on other platforms.

The interest of Charles Schwab customers in crypto assets is quite remarkable. Bank customers hold more than 20% of all crypto ETFs in the industry. CEO Wurster stated, “Our customers are buying cryptocurrencies on platforms like Coinbase, but they want to bring them to Schwab. We want to facilitate this and accelerate our growth.”

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Stablecoin plan is on the table

In addition to spot transactions, another notable move by Charles Schwab is the idea of issuing a stablecoin. The bank plans to implement this project either through a banking consortium or independently. With the easing of strict regulations imposed after the collapse of FTX in the US, banks’ participation in cryptocurrency transactions has become easier.

Charles Schwab had previously listed Bitcoin and Ethereum ETFs on its platform for its clients. Approximately 25 billion dollars of the company’s total managed assets of 10.8 trillion dollars is made up of cryptocurrencies. Although these moves are small within the bank’s trillion-dollar size, they are believed to hold great potential for the future.