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Charles Schwab said Tuesday that "Schwab Crypto" is now live for the first wave of eligible retail clients, opening spot trading in BTC and ETH through the same brokerage rails that custody $11.77 trillion in client assets.
Why it matters
Schwab is the first major US incumbent brokerage to ship a native, in-app spot crypto product to retail. The client base isn't crypto-native — it's the same mass-affluent audience that already trades stocks, ETFs, and options on Schwab's platform. For that cohort, the friction of signing up for a standalone crypto venue disappears, and the addressable market for spot BTC and ETH expands overnight.
The launch also signals that the largest US brokerages now view spot crypto as a default asset class rather than a separate product line, a meaningful legitimization moment for the asset class and the rails supporting it.
Market impact
The near-term market reaction is muted — Schwab isn't a price-setter and the initial rollout is invitation-only. The longer-term read is structural: a brokerage with Schwab's scale removing the onboarding tax for retail spot BTC and ETH widens the buyer base at the margin and removes one of the persistent gaps between TradFi distribution and crypto-native venues.
The launch lands the same week the SEC is weighing broader rules on crypto custody and trading, giving regulators a live US incumbent as a data point as they write the next round.
Frequently asked questions
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What did Charles Schwab launch for retail clients?
Charles Schwab launched "Schwab Crypto," a spot trading product for BTC and ETH, available to the first wave of eligible retail clients starting Tuesday through its existing brokerage platform.
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How many client assets does Schwab custody?
Schwab reported $11.77 trillion in client assets at the end of March, giving the new crypto product immediate distribution reach no standalone crypto venue can match.
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Is Schwab Crypto available to all retail clients?
No. The rollout began with the first wave of eligible retail clients; it is invitation-only at launch rather than open to the full retail book.
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How does this differ from buying crypto on a standalone exchange?
Clients trade spot BTC and ETH inside the same Schwab brokerage app they already use for stocks, ETFs, and options, removing the onboarding friction of opening a separate crypto venue.
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Why does the launch matter for crypto regulation?
The launch landed the same week the SEC is weighing broader rules for crypto custody and trading, giving regulators a working US incumbent brokerage with a live spot product as a reference point.
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