Wells Fargo is set to roll out tokenized deposits for corporate and commercial clients this fall, joining a wave of major banks using blockchain technology to modernize payments and settlement services, the Wall Street Journal reported Tuesday.
The offering will initially support US dollar and British pound deposits for cross-border transactions, allowing customers to transfer, program and settle funds continuously through digital representations of traditional bank deposits. According to CFO Mike Santomassimo, the bank plans to broaden the service to additional currencies and markets in 2027 depending on customer demand.
The move follows similar tokenization efforts by major lenders including JPMorgan Chase and Citigroup. Wells Fargo said its platform will be compatible with the industry-backed tokenized deposit network expected to launch next year, as well as other private blockchain networks.
This is a developing story.
