Charles Schwab

Charles Schwab helped invent the discount brokerage in the 1970s, letting ordinary Americans trade stocks without paying the fat commissions charged by full-service firms. Today it is one of the largest brokerages in the country, holding trillions of dollars in client assets across retail accounts, workplace plans and the custody business that supports thousands of independent financial advisers. Its 2020 purchase of rival TD Ameritrade cemented that scale. Schwab now earns surprisingly little from trading itself, which is mostly free; instead it makes most of its money like a bank, on the spread between what it pays on customer cash and what it earns investing that cash, plus asset-management fees. That reliance on interest rates cuts both ways and drew scrutiny when rising rates pushed clients to move idle cash elsewhere. The company relocated its headquarters from San Francisco to Westlake, Texas.

On MyRWA, SCHW trades tokenized across 3 on-chain venues - see the listings below.