Wells Fargo will roll out tokenized deposits for corporate clients this fall, starting with cross-border payments. The bank joins JPMorgan and Citi in offering blockchain-based settlement.
Wells Fargo (WFC) will roll out tokenized deposits for corporate and commercial banking clients this fall, the bank announced. The offering will represent U.S. dollar and British pound deposits as digital tokens on a proprietary blockchain. The service will start with cross-border payments, then expand into additional currencies based on customer demand, the bank said.
The move places Wells Fargo alongside JPMorgan Chase and Citigroup, which have introduced similar products. Tokenized deposits remain traditional bank deposits, unlike stablecoins issued by crypto companies. That distinction matters for regulatory compliance, the bank said.
The service runs on Wells Fargo's own blockchain but is expected to eventually connect with a broader tokenized deposit network being developed by major U.S. banks, according to the announcement. The bank said the system offers 24/7 settlement and automated payments without requiring businesses to hold cryptocurrency.
WFC has an Alpha Score of 64 out of 100, indicating a moderate outlook.
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