All NewsEducationTV
Equities & FundsCrypto & Digital AssetsAI & TechnologyBusiness & CorporateUS Politics & PolicyGeopolitics & Global RiskMacro, Rates & FXCommodities & EnergyEuropean Politics & MarketsAsia-PacificReal Estate & Property
Story archiveAll categories
← All Stories

Wells Fargo to Launch 24/7 Tokenized Deposits This Fall

Created at 4 Aug · 3:26 PM2 sources↑ Market-relevant
IN SHORT

Wells Fargo will introduce tokenized deposits later this year, initially supporting round-the-clock U.S. dollar to British pound transactions on its proprietary blockchain. The service aims to enable faster and more flexible fund settlement for corporate clients, with broader expansion planned for 2027.

✉Newsletter

PiQ Daily

Pick your topics. Get only what matters, on your cadence.

Key Numbers

24/7fund settlement availability
2027year for broader expansion

Who's Involved

Wells Fargo
financial giant launching tokenized deposits
Mike Santomassimo
CFO of Wells Fargo
JPMorgan
bank embracing tokenization with JPM Coin
Citigroup
bank embracing tokenization with tokenized shares
BlackRock
asset manager launching tokenized money funds
Wells Fargo to Launch 24/7 Tokenized Deposits This Fall

↳ Why This Matters

Wells Fargo's entry into tokenized deposits signifies a major traditional financial institution embracing blockchain technology for core banking functions, potentially accelerating the adoption of digital assets for institutional finance and improving payment efficiency.

Key facts

  • Wells Fargo will launch tokenized deposits this fall.
  • The service will enable 24/7 settlement of funds for corporate and commercial clients.
  • Initial phase will support USD to GBP transactions.
  • Expansion to more clients, countries, and currencies planned through 2027.
  • Tokenized deposits remain commercial bank money and carry regulatory protections.

    • Wells Fargo is set to launch tokenized deposits this fall, allowing corporate and commercial clients to settle funds around the clock. The initial phase will facilitate U.S. dollar to British pound transactions, with a broader rollout planned for 2027. The bank's Chief Financial Officer, Mike Santomassimo, described the initiative as a significant advancement in payment capabilities through on-chain solutions. This move positions Wells Fargo alongside JPMorgan, Citigroup, and BlackRock, which are also integrating tokenization into their services. Wells Fargo's system will use its proprietary blockchain, supporting in-house custodial wallets and inter-chain connectivity, and will automatically route eligible payments through tokenized deposits when it improves speed or flexibility. Unlike stablecoins, these tokenized deposits remain commercial bank money and will carry the same regulatory protections and deposit-insurance eligibility as existing products.

    Frequently asked questions

    Tokenized deposits are digital representations of traditional fiat currency deposits held by a bank, recorded on a blockchain or distributed ledger technology, enabling faster and more flexible settlement.

    Wells Fargo plans to roll out its tokenized deposit program this fall.

    The initial launch will support U.S. dollar to British pound transactions.

    JPMorgan, Citigroup, and BlackRock are also actively involved in tokenization initiatives.

    What Happens Next

    01Wells Fargo to expand tokenized deposit services to more clients, countries, and currencies throughout 2027.

    Get the newsletter.

    Pick the topics you actually care about. We'll email when there's news worth your time, on the cadence you choose. Cancel any time from your account.

    Cadence

    How It Developed

    Wells Fargo will launch 24/7 tokenized deposits this fall.
    The initial phase will support USD to GBP transactions.
    The service will enable 24/7 settlement of funds for corporate and commercial clients.
    Expansion to more clients, countries, and currencies is planned through 2027.
    Wells Fargo's tokenized deposits will leverage its blockchain platform.

    Sources

    T1
    Wells Fargo joins JPMorgan and Citi in the race to tokenize Wall Street’s settlement railsCoinDesk
    T1
    Wells Fargo to Launch 24/7 Tokenized Deposits as Wall Street Embraces TokenizationCoinGape

    Related Stories

    BlackRock Tokenizes European Money Market Funds on Ethereum
    3 Aug · 7:21 PM
    Dinari launches tokenized U.S. stocks for American investors
    4 Aug · 2:06 PM
    Bitget Leads Tokenized Equities Liquidity Report as Market Nears $2B
    4 Aug · 2:16 PM
    BNY Mellon to Offer Crypto Staking Services via Galaxy Partnership
    4 Aug · 12:36 PM
    BitGo to switch WBTC cross-chain provider from LayerZero to Chainlink
    4 Aug · 1:06 PM