Wells Fargo (WFC) will offer tokenized deposits for select corporate and commercial clients later this year, starting with enabling round-the-clock U.S. dollar-to-British pound transactions on its proprietary blockchain.
The bank frames round-the-clock settlement, programmable payments and parity with its existing deposit protections as future enhancements, saying the system will let clients move, program and settle funds 24/7/365 “when fully deployed.”
The limited initial rollout will expand to more clients, countries and currencies throughout 2027. Its system will automatically route eligible payments through tokenized deposits when doing so improves speed or flexibility, without changing how clients interact with the bank.
Tokenized deposits represent conventional bank balances on a blockchain. Unlike stablecoins, they remain commercial bank money and Wells Fargo says they will carry the same regulatory protections and…
