Wells Fargo to launch tokenized deposits in USD/GBP this fall

Wells Fargo plans to launch tokenized deposits this fall, giving corporate and commercial clients the ability to move and settle funds around the clock. The service will initially cover transactions between the U.S. dollar and the British pound, the bank said in an Aug. 4 report by The Wall Street Journal.

Participating clients will be able to transfer, program and settle funds within a regulated banking framework. Tokenized deposits represent customer funds as digital tokens on a blockchain. That structure supports near-continuous settlement while keeping the deposits inside the banking system, unlike conventional bank transfers that face market-hour restrictions and settlement delays.

The program runs on Wells Fargo’s proprietary blockchain platform, which supports internal custodial wallets. Future offerings could also use the bank’s interchain connectivity technology to communicate with other blockchain networks, Wells Fargo said.

“The program will roll out this fall with a limited U.S. dollar (USD) to British pound (GBP) exchange and will expand over the course of 2027 to more clients, countries, and currencies,” the bank said in a statement.

Chief Financial Officer Mike Santomassimo called the launch an “important step forward” in expanding the bank’s payment options. Additional currencies and markets will be determined based on client demand.

Wells Fargo joins JPMorgan Chase and Citigroup in developing blockchain-based settlement services. JPMorgan has expanded its deposit-token infrastructure across blockchain networks. Citi has developed tokenized deposit and securities services for institutional clients.

Tokenized deposits allow banks to offer speed and programmability similar to stablecoins without moving customer funds outside the regulated deposit system. Banks retain control over issuance, transfers and compliance checks.

The new product could help Wells Fargo serve businesses that need cross-border settlement outside normal banking hours. Corporate treasury teams could use programmable transactions to automate payments when predefined conditions are met. Wells Fargo has not disclosed pricing, transaction limits or eligibility requirements for the pilot.

The announcement follows Wells Fargo’s March trademark application for “WFUSD,” which prompted speculation that the bank was preparing a dollar-linked digital asset. The U.S. trademark filing covers cryptocurrency payment processing, electronic transfers of virtual currencies, and software used to tokenize assets. It also includes blockchain-based payment verification and platforms capable of processing stablecoin transactions.

Wells Fargo has not confirmed whether WFUSD is the name of its planned tokenized deposit product. A trademark application does not guarantee that a commercial service will launch under that name. The filing nevertheless showed that the bank was evaluating blockchain-based financial services months before disclosing its tokenized deposit rollout.

Wells Fargo has also increased its exposure to crypto-related investment products. A regulatory filing reported by crypto.news in July showed that the bank raised its position in Strategy by 125% to nearly 726,000 shares, adding about $41.5 million in exposure. The bank simultaneously reduced its position in BlackRock’s iShares Bitcoin Trust by 75,102 shares. It also opened a new IBIT call position, increased its put exposure and added investments linked to Ethereum and Solana. Those holdings are separate from the tokenized deposit initiative, reflecting Wells Fargo’s widening involvement across digital assets and blockchain infrastructure.

The bank plans to begin with selected corporate and commercial clients before broadening access during 2027. The rollout’s next phase will depend on demand, regulatory requirements and the platform’s ability to connect with other private tokenized deposit networks.