Charles Schwab promises crypto transfers as rollout is ‘going as planned’
The report, building on the firm’s Q2 call that described its crypto rollout as “going as planned,” is the newest branch of a tree that was first planted in May, when Charles Schwab formally moved to meet customer demand for crypto.
Schwab oversees more than $12 trillion in total client assets, one of the largest pools in U.S. finance.
Which crypto products has Charles Schwab launched?
The Schwab Crypto product allows Charles Schwab clients to buy and sell Bitcoin and Ethereum on the same platforms they already use for stocks and bonds. The product went live in 48 U.S. states, with New York and Louisiana as the only ones left out.
The firm charges 0.75% on trades, according to Cryptopolitan’s April and May reporting on the launch, which is on par with the going rate in the market.
The crypto products are anchored on two firms: Charles Schwab Premier Bank and Paxos.
- Charles Schwab Premier Bank is the custodian that holds and keeps records of client assets
- Paxos, a blockchain infrastructure company regulated by the Office of the Comptroller of the Currency (OCC), handles sub-custody and executes trades.
“We know our clients want to conduct more of their financial lives at Schwab,” Jonathan Craig, Schwab’s Head of Retail Investing, said in the company’s announcement. The executive also teased benefits such as service, education, and research when clients use the firm to trade crypto “alongside their other investments.”
Schwab’s crypto rollout timeline
Schwab started interacting with crypto via indirect exposure instruments such as spot Bitcoin and Ether exchange-traded products, crypto futures, options, and related funds.
As Cryptopolitan reported in an April commitment by a Schwab spokesperson, the firm confirmed that plans to launch spot trading for the two largest tokens by market value in H1 2026 were still on schedule.
The 40 million accounts that Forbes reports cite now represent an upgrade on the initial group of 39.1 million Schwab retail clients that were using the service in May.
Head of Digital Assets Joe Vietri described future expansion plans where Schwab becomes “the destination of choice for retail investors who want to incorporate digital assets into their portfolios with confidence.”
Specific plans that Schwab has committed to include expanding current lineup beyond BTC and ETH. The firm is also expected to rollout support for token migration from outside wallets and exchanges at some point.
The firm said clients already hold roughly 20% of all spot crypto ETPs.
Schwab’s own research still calls crypto speculative
Even as it sells access, Schwab has not softened its risk message. A firm research report published in April found that even a 1% to 3% position in Bitcoin or Ether can account for an outsized share of a portfolio’s total risk.
“Any allocation to cryptocurrency is likely to increase a portfolio’s volatility,” Schwab wrote, noting both tokens have fallen more than 70% in past cycles. There is “no ‘correct’ allocation,” the report concluded, calling crypto a speculative, high-risk satellite holding.
The launch lands in a broader Wall Street push. Morgan Stanley has opened crypto trading on its E-Trade platform, and Goldman Sachs has filed for a Bitcoin Premium Income ETF, Cryptopolitan reported.
Both moves come as Congress works toward the Digital Asset Market Clarity Act, which would split oversight between the SEC and the CFTC and set federal rules for tokens, stablecoins, and DeFi.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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