Schwab clients already trade BTC ETFs at 1-2 bps spreads with zero commission, so the spot product only matters if they price it comparably and plan to build beyond pure trading — the stablecoin roadmap post-GENIUS bill confirms that trajectory. Coinbase still pulls 60%+ revenue from trading fees while Schwab cross-subsidizes from interest income on $12T AUM; that structural fee asymmetry compresses margins across every retail-facing exchange, not just COIN. Launching through Premier Bank instead of the brokerage arm is a deliberate choice — banking charter gives them different custody and product rails than a broker-dealer would.

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