Wells Fargo CEO Says Bank Is Preparing for Potential Stablecoin Opportunities in the US

Wells Fargo CEO Charlie Scharf has outlined the bank’s preparations for stablecoin opportunities in the United States. The plans include a joint venture with major banks and new blockchain payment services.

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Wells Fargo CEO Discusses Stablecoin Opportunities in the US

During the October 13 third-quarter earnings call, Scharf said Wells Fargo was preparing for changes in digital payments. The bank is working on blockchain-based services, but it is unclear whether there is a strong demand for stablecoins in the United States.

“Use cases in the US for stablecoins remain unclear, but we’re building solutions to be prepared as opportunities potentially unfold,” Scharf said.

The bank has already made investments and business partnerships into the digital asset space. Recently, Kraken’s parent company was reported to have been in talks with Wells Fargo for another potential pathway into cryptocurrency services.

Scharf said the bank was increasing investments in both traditional and digital payments for consumers and businesses. The project features new settlement systems to enhance corporate settlement processes.

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Wells Fargo Joins 20 Banks in Stablecoin Venture

Wells Fargo is working with 20 other international financial institutions to establish a company that will issue stablecoins. The group comprises a number of large lenders such as Bank of America, Citi, Goldman Sachs, Deutsche Bank and more.

The institutions announced plans in September to form the company in the second half of 2026 on condition of closing. The consortium plans to launch its first U.S. dollar-pegged stablecoin in the first half of 2027.

The consortium plans to offer more major currencies than the one it initially offers, including the euro. The proposed stablecoin would serve retail and institutional customers, supporting cross-border payments and digital asset settlements.

The group also plans to discuss relevant rules under the U.S. GENIUS Act and Europe’s MiCA. Its proposed services are still in development stages and the participating institutions haven’t announced a final company name.

Tokenized Payments Expand as Q3 Profit Rises

In addition to its stablecoin plans, Wells Fargo has launched tokenized deposits for corporate and commercial clients. The service leverages the bank’s blockchain platform to enable 24-hour payments.

Other financial institutions are testing similar systems, including a recent HSBC and Ant Digital tokenized deposit payment trial. The experiment tested automated payments using blockchain technology and tokenized bank deposits.

Meanwhile, Wells Fargo’s net income for the third quarter was USD 5.95 billion, up from USD 5.59 billion on the same period a year ago. Revenue rose by 2% to USD 21.87 billion, helped by growth in various banking businesses.