Banks Double Down on Digital Assets with Tokenized Deposits and Staking

Two major US banks are expanding their presence in the digital assets space. Wells Fargo announced tokenized deposits for corporate clients, allowing on-chain payments and settlements around the clock. The program will start with a limited USD to GBP exchange this fall and grow through 2027 to include more clients, countries, and currencies.

BNY Mellon is also moving forward with digital assets, partnering with Galaxy Digital to develop infrastructure for institutional markets, including staking on its custody platform. This partnership aims to provide clients with a broader set of capabilities delivered through an institutional-grade model.

The moves signal that banks are shifting from just holding crypto to building out payments and yield infrastructure on-chain. BNY launched its own tokenized deposit service in January, while Wells Fargo is part of a shared network being built with JPMorgan, Citigroup, and Bank of America, targeting a first-half 2027 launch.