Charles Schwab is officially entering the crypto arena with plans to launch spot trading for Bitcoin and Ethereum, according to CEO Rick Wurster. Speaking with CNBC, Wurster confirmed that the financial powerhouse is preparing to bring crypto trading directly to its platform, targeting a launch “sometime soon.”

While Schwab clients already hold over 20% of the crypto exchange-traded products (ETPs) market, direct crypto exposure remains low—just $25 billion out of the firm’s $10.8 trillion in total assets. Wurster believes offering direct access to Bitcoin and Ether could “accelerate growth” and attract users who currently trade crypto with digital-native platforms like Coinbase.

“They want to bring it back to Schwab because they trust us,” Wurster said, signaling a clear competitive stance against exchanges. He added that many clients already keep nearly all their assets with Schwab, except for crypto, which they hold externally.

The push into crypto follows eased banking regulations from the OCC, FDIC, and Federal Reserve, which now allow traditional banks to engage in crypto activities like custody and trading. Schwab has already responded to this shift by listing Bitcoin and Ether ETFs after SEC approval, and offering a range of digital asset investment vehicles including mutual funds and Bitcoin options.

Institutional interest in crypto is also heating up. A March survey by Coinbase and EY-Parthenon found that 83% of institutional investors plan to expand their crypto exposure in 2025, with XRP and Solana among their top picks. Meanwhile, Fireblocks reports that 90% of institutions are exploring or actively using stablecoins, with nearly half leveraging them for payments.

With momentum building, Schwab’s move into spot crypto trading may mark a major shift in how mainstream finance approaches digital assets.