#WellsFargo

Wells Fargo to launch tokenized deposit offering in the fall

Wells Fargo has announced plans to launch a tokenized deposit offering this fall, targeting corporate and commercial clients with 24/7/365 settlement capabilities. The service will initially support US dollars and British sterling, operating on the bank's proprietary permissioned blockchain. Unlike some competitors that require manual conversion, Wells Fargo intends to automatically route payments through the tokenized system when it enhances speed, timing, and flexibility. This initiative follows the bank's previous participation in Swift blockchain trials for cross-border payments and aligns with similar moves by major institutions like JPMorgan and Citi. By leveraging its established banking infrastructure, the bank aims to provide on-chain solutions without altering the existing client interface. Future development plans include adding programmability features and expanding the offering to include additional currencies and jurisdictions. This move signifies a broader institutional shift toward integrating blockchain-based settlement into traditional commercial banking workflows.

ledgerinsights.com·3h ago