- Charles Schwab is considering launching its own stablecoin, according to CEO Rick Wurster.
- The initiative aligns with Schwab’s plan to provide spot Bitcoin and Ethereum ETFs to its customers.
- The move comes as several major U.S. financial institutions look at entering the stablecoin market.
- The U.S. government is preparing to introduce new regulations for stablecoins.
- The stablecoin sector could grow to $750 billion by 2030, according to an industry forecast.
Charles Schwab is exploring the possibility of issuing a stablecoin, CEO Rick Wurster told investors on an earnings call Friday. The announcement places Schwab among other large financial firms considering dollar-pegged digital tokens as the U.S. moves closer to regulating stablecoins.
Wurster said, “Stablecoins are likely to play a role in transacting on blockchains and that’s something we do want to be able to offer.” The company is also working to make spot Bitcoin and Ethereum ETFs available to its clients. Schwab, based in Westlake, Texas, currently oversees more than $7 trillion in assets.
The stablecoin discussions come as other major institutions enter the market. Citigroup recently revealed similar plans, and JP Morgan CEO Jamie Dimon mentioned that developing a stablecoin is a priority for his firm, despite his skepticism about their usefulness. The U.S. stablecoin market, valued at over $250 billion, is currently dominated by crypto-native companies such as Tether and Circle. Tether processed $179.3 billion in transactions in the last 24 hours, while Circle recorded $28.2 billion over the same period, according to CoinMarketCap.
The U.S. is expected to implement a new regulatory framework for stablecoins soon, aiming to increase their stability and adoption. President Donald Trump is set to sign the Genius Act—a bill focused on the market structure for stablecoins—on Friday.
Analysts at Standard Chartered project that the stablecoin market could expand to $750 billion by 2030. Schwab stock traded at $94.86 on Friday afternoon, up nearly 2%.
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