Wells Fargo plans to launch tokenized deposits this fall, allowing corporate and commercial clients to move and settle funds outside traditional banking hours. This service will enable participating clients to transfer, program, and settle funds around the clock within a regulated banking framework, initially covering transactions between the U.S. dollar and British pound.
Key Features
Tokenized deposits represent customer funds as digital tokens on a blockchain, supporting near-continuous settlement while keeping the deposits within the banking system.
Expansion Plans
The program will run on Wells Fargo's proprietary blockchain platform and may use its interchain connectivity technology to communicate with other blockchain networks in the future. Wells Fargo will determine additional currencies and markets based on client demand, with the program set to expand to more clients, countries, and currencies over the course of 2027.
Industry Context
Wells Fargo joins JPMorgan and Citigroup in developing blockchain-based settlement services, aiming to serve businesses that require cross-border settlement outside normal banking hours.