The brokerage confirmed the upcoming additions on August 27, though it stopped short of providing a specific launch date or confirming if the assets would arrive simultaneously. The move brings the firm's total supported tokens to five. Joe Vietri, Schwab’s head of digital assets, noted that the selections were driven by customer interest and a preference for established protocols.
Schwab Crypto operates through a model where Schwab Premier Bank holds customer assets, while Paxos manages trade execution and sub-custody. Users pay a 0.75% transaction fee—a price point that positions the firm between Fidelity’s 1% charge and the 0.5% fee typically seen at Morgan Stanley’s E*Trade. While the platform simplifies crypto access for current brokerage clients, it remains distinct from conventional exchanges, as it currently lacks full support for external deposits and withdrawals.
Market reaction to the announcement was immediate, with Solana seeing a 9% bump in value, while Avalanche and Chainlink recorded more modest gains. Despite the growth, the firm has yet to clarify if the new assets will be subject to the same geographic restrictions that currently limit access in New York and Louisiana. Looking ahead, the brokerage is also evaluating a potential 2027 rollout for digital asset services tailored to registered investment advisers.
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