Wells Fargo to Launch In-House Blockchain Deposit Token This Fall

Wells Fargo plans to roll out a proprietary blockchain deposit token for corporate clients this fall, supporting USD and GBP for 24/7 cross-border transfers.

Woofun AI reports that Wells Fargo is preparing to introduce a blockchain-based deposit token service for its corporate and commercial clients this fall. The initiative utilizes the bank’s in-house blockchain platform to facilitate 24/7 fund transfers, programmable functions, and streamlined payments. At launch, the service will support tokens denominated in U.S. dollars and British pounds, specifically targeting cross-border payment applications. Wells Fargo has indicated plans to expand to additional currencies and countries next year, contingent on client demand and regulatory approvals. Unlike stablecoins backed by issuer reserves, these tokenized deposits are direct liabilities of the issuing bank, offering the same regulatory protections as conventional deposits.