Schwab Wants to Offer Stablecoin Amid Expanding Crypto Services Push: CEO
Charles Schwab plans to issue its own stablecoin, as stated by CEO Rick Wurster during an earnings call. This initiative aligns with the firm's strategy to expand into cryptocurrency, including launching spot Bitcoin and Ethereum ETF trading. Schwab, managing over $7 trillion in assets, joins other financial giants like Citigroup and JP Morgan in exploring the stablecoin market, which exceeds $250 billion. The U.S. is set to implement a regulatory framework for stablecoins, potentially enhancing their adoption. The stablecoin market is expected to grow to approximately $750 billion by 2030. Tether currently leads the market, processing $179.3 billion in transactions, followed by Circle with $28.2 billion. Schwab's stock rose nearly 2% to $94.86 on Friday.
