Big Banks Push Blockchain Adoption With Tokenization of Settlement Rails

The banking industry is accelerating its adoption of blockchain technology as Wells Fargo has joined JPMorgan and Citi in exploring tokenization for Wall Street's settlement rails.

This development follows recent announcements by major banks to leverage distributed ledger technology (DLT) for more efficient and secure cross-border transactions.

JPMorgan, one of the largest financial institutions globally, has been at the forefront of this trend, having launched its JPM Coin in 2019. Citi followed suit last year with its own tokenization project.