Banks Abandon Blockchain Skepticism, Migrate to Tokenized Deposits
The banking industry is shifting its stance on cryptocurrencies and blockchain technology.
Instead of rejecting it, major banks are now exploring ways to integrate blockchain into their systems.
One notable example is Wells Fargo's announcement in August that it would launch tokenized deposits for corporate clients, allowing for 24/7 settlements including on weekends. The first phase involves transactions between the U.S. dollar and the British pound, with plans to expand its geographic reach and list of currencies by 2027.
Visa is also taking a significant step in this direction, reporting that its annual volume of transactions in stablecoins reached approximately $7 billion in 2026. The company's dedicated platform for working with stablecoins aims to simplify the process for banks, fintech companies, and payment providers.
The growth of stablecoin-linked card payments is also accelerating rapidly, with an estimated monthly volume exceeding $1 billion by July 2026, and potentially reaching $50 billion per year by 2028. The U.S. Treasury's new draft rule for implementing the GENIUS Act aims to permit licensed issuers to create payment stablecoins in the U.S. starting January 18, 2027.