Wells Fargo to launch tokenized deposits this fall

Wells Fargo plans to launch tokenized deposits this fall, allowing corporate and commercial clients to move and settle funds outside traditional banking hours. Summary The initial pilot will support U.S. dollar-to-British pound transactions for selected corporate clients. Tokenized deposits will enable 24/7 fund transfers, settlement and programmable payments on the bank’s blockchain platform. Wells Fargo plans to add more clients, countries and currencies throughout 2027. The rollout follows its WFUSD trademark filing and growing exposure to crypto-linked investment products. Wells Fargo tokenized deposits will support 24/7 settlement Per an Aug. 4 WSJ report, Wells Fargo said the service will allow participating clients to transfer, program and settle funds around the clock within a regulated banking framework. The initial rollout will cover transactions between the U.S. dollar and British pound. Unlike conventional bank transfers, which can face market-hour restrictions and settlement delays, tokenized deposits represent customer funds as digital tokens on a blockchain. This structure can support near-continuous settlement while keeping the deposits within the banking system. Th...