Wells Fargo to Launch 24/7 Tokenized Deposits as Wall Street Embraces Tokenization
Highlights
- Wells Fargo plans to launch tokenized deposits for corporate and commercial clients.
- It will roll out the program this fall.
- The initial phase will focus on cross-border payments involving the dollar and pounds.
Wall Street giant Wells Fargo has announced plans to roll out tokenized deposits that will enable settlement of funds beyond market hours. This comes as traditional financial (TradFi) firms adopt tokenization, moving their assets on-chain.
Wells Fargo To Launch Tokenized Deposits This Fall
In a press release, the bank announced plans to introduce tokenized deposits, enabling its corporate and commercial clients to move, program, and settle funds 24/7 within a regulated framework. “The program will roll out this fall with a limited U.S. dollar (USD) to British pound (GBP) exchange and will expand over the course of 2027 to more clients, countries, and currencies,” the release read.
Wells Fargo CFO Mike Santomassimo said that the planned launch of tokenized deposits is an “important step forward” as it expands its payment options, which include on-chain solutions. The bank notably joins the likes of JPMorgan and Citigroup, which are also embracing tokenization.
JPMorgan launched its deposit token, JPM Coin, on Base last year and revealed plans to expand to the Canton network this year. Meanwhile, Citigroup launched tokenized depository receipts and also plans to launch tokenized shares of private companies.
The largest asset manager, BlackRock, also continues to embrace tokenization. As CoinGape reported, BlackRock launched two tokenized money funds yesterday, aiming to set up these funds as ideal reserve assets for GENIUS-compliant stablecoin issuers.
Plans For The Tokenized Deposits
Wells Fargo revealed that the tokenized deposits will leverage its blockchain platform, which it noted supports in-house custodial wallets and the bank’s inter-chain connectivity technology in future offerings.
The bank will roll out the program for select participating corporate and commercial clients for USD-to-GBP transactions. Meanwhile, it plans a broader rollout throughout next year, making it available to all eligible clients and including additional currencies.
It is worth noting that Wells Fargo is also part of the DTCC tokenization trial to tokenize stocks and U.S. Treasuries. DTCC rolled out the initial phase of the program last month and plans to begin the formal tokenization program in October.
For more on tokenization, check out Best Platforms to Trade Tokenized Stocks
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