Banks Double Down on Blockchain with Tokenized Deposits and Staking
Two of America's oldest banking giants made significant strides into blockchain infrastructure this week. Wells Fargo announced tokenized deposits for corporate clients, allowing on-chain payments and settlements 24/7. The service will launch in the fall with a limited US dollar to British pound exchange, expanding to include more clients, countries, and currencies through 2027.
Wells Fargo CFO Mike Santomassimo said: 'Launching tokenized deposits is an important step forward as we expand payment options, including on-chain solutions, for our corporate and commercial clients.'
Bank of New York Mellon Corporation partnered with Galaxy Digital to develop digital asset infrastructure for institutional markets. This includes support for staking on BNY's Digital Asset Custody platform. The move combines custody and staking under one institutional servicing model.
The partnership puts BNY in a strong position to meet the evolving needs of its clients, who want more than just safekeeping. As Carolyn Weinberg, chief product and innovation officer at BNY, said: 'Clients want a broader set of capabilities delivered through an institutional-grade model.'