Charles Schwab exec: this crypto cycle is different because of RWA tokenization

• —Charles Schwab custodies about $13 trillion in client assets, with crypto still a small share
• —Schwab clients hold roughly 20% of spot crypto ETF assets
• —About $50 billion in real-world assets has been tokenized across blockchains
• —Bitcoin volatility has fallen to around 40 from 50–60 in the previous cycle