Wells Fargo plans to roll out a tokenized deposit service for corporate and commercial clients this fall, according to The Wall Street Journal, as the bank steps deeper into blockchain-based payments infrastructure. The initial launch will support cross-border transactions in U.S. dollars and British pounds, giving clients a way to move, program and settle funds in digital form in real time. The bank expects the service to expand to additional currencies and markets by 2027. Earlier, Wells Fargo filed a trademark application for “WFUSD,” a move that has fueled speculation that it could introduce a U.S. dollar stablecoin. The upcoming platform is also expected to work with industry-backed tokenized deposit networks and other private blockchains, placing the bank alongside similar efforts already pursued by JPMorgan and Citi.
Wells Fargo plans to launch a tokenized deposit service for corporate and commercial clients this fall, according to The Wall Street Journal, in a move that adds to the bank sector’s push into blockchain-based payment systems.
The service will initially support cross-border transactions in U.S. dollars and British pounds. Clients will be able to transfer, program and settle funds in digital form in real time.
Wells Fargo expects the offering to expand to more currencies and markets by 2027. The bank had previously filed a trademark application for “WFUSD,” signaling that it may be considering a U.S. dollar stablecoin. The platform is expected to be compatible with industry-backed tokenized deposit networks and other private blockchains, following similar moves by JPMorgan and Citi.
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