Banks Unite on Shared Tokenized Deposit Network

Wells Fargo is launching tokenized deposits for corporate and commercial clients this fall, starting with a U.S. dollar to British pound exchange. This feature lets clients move funds between accounts, subsidiaries, or counterparties 24/7, supporting faster cross-border payments and internal fund transfers.

The launch marks the bank's entry into the world of tokenized deposits, which have been pioneered by JPMorgan and Citigroup. Wells Fargo's system runs on its own proprietary blockchain and routes eligible payments through it automatically, with no change to how clients interact with the bank.

Wells Fargo emphasizes that these tokens carry the same regulatory protections and deposit insurance eligibility as its existing deposit products. The announcement comes against the backdrop of a shared Tokenized Deposit Network being developed by JPMorgan, Citigroup, Bank of America, and Wells Fargo through The Clearing House.