Charles Schwab plans to add support for trading Solana, Avalanche, and Chainlink

Charles Schwab, a major U.S. financial services company, has announced plans to add Solana (SOL), Avalanche (AVAX), and Chainlink (LINK) to its cryptocurrency trading platform. While the company plans to offer these options "within the next few months," a specific launch date has not been disclosed. Schwab began offering direct trading of Bitcoin and Ethereum to select retail customers in May of this year, and this expansion to include new coins comes approximately three months later. Schwab stated that it intends to enter the market once the U.S. regulatory environment becomes clearer in 2024. The company officially announced its plan to prioritize the launch of Bitcoin and Ethereum in April 2026, and began a phased rollout to customers in May. Previously, customers could only indirectly access cryptocurrencies through cryptocurrency ETFs or stocks of related companies like Coinbase and Strategy. Direct trading was not possible. The three assets being added each have distinct characteristics. Solana is designed for fast and inexpensive transaction processing and features a robust ecosystem of trading, payment, and gaming applications. Avalanche supports businesses and developers in building blockchains optimized for specific applications. Chainlink acts as an oracle, connecting blockchains to external data and providing real-time information, such as asset prices, to smart contracts. Transaction fees are 75 basis points (0.75%) per transaction, which translates to $7.50 for a $1,000 transaction. Schwab stated that this is among the lowest rates in the industry. Trading is available through the Schwab website, mobile app, and the thinkorswim trading platform. According to Joe Vietri, Schwab's Head of Digital Assets, this expansion provides customers with more options to build a digital asset portfolio within the trusted Schwab investment and banking experience. CEO Rick Ward mentioned that the company is also considering the launch of a dollar-pegged stablecoin in 2025, although no official announcement has been made to date. The expansion of direct trading of alternative cryptocurrencies by large, traditional financial institutions like Schwab is a notable example of the trend towards increasing accessibility to cryptocurrencies for institutional and retail investors.