SAN FRANCISCO — Wells Fargo said it plans to introduce tokenized deposits this fall, launching a blockchain-based payment capability designed to allow corporate and commercial clients to move and settle funds around the clock while remaining within the traditional banking system.
According to a statement from the $2.3-trillio Wells Fargo, the initial rollout will support U.S. dollar-to-British pound transactions for a limited group of participating corporate and commercial clients. The bank said it expects to expand the service throughout 2027 to additional clients, countries and currencies.
The tokenized deposits represent commercial bank money on a blockchain and are intended to provide faster payments and greater flexibility without requiring clients to change how they interact with the bank, Wells Fargo said.
‘Greater Ease’ Cited
“Tokenized deposits will enable Wells Fargo’s corporate and commercial clients to move money between accounts and across borders with greater ease and increased speed and builds on the strength of our established banking infrastructure,” Chief Financial Officer Mike Santomassimo said in the statement.
Santomassimo said the launch marks another step in expanding payment options, including on-chain capabilities, for business customers.
According to Wells Fargo, payments will automatically be routed through the tokenized deposits platform when doing so improves speed, timing or flexibility.
The Benefits
The bank said the platform is expected to offer several benefits, including:
- 24/7 settlement: Clients will be able to transfer funds between accounts, subsidiaries and counterparties at any time, including weekends and holidays.
- Programmable payments: Smart contracts will enable conditional payments based on predefined criteria.
- Traditional banking protections: Tokenized deposits will carry the same regulatory protections and deposit insurance eligibility as the bank’s existing deposit products.
Wells Fargo said the service is built on its proprietary blockchain platform, which it said is designed to support in-house custodial wallets and future inter-chain connectivity.
The broader rollout during 2027 is expected to make the capability available to all eligible corporate and commercial clients while adding support for additional currencies.
