US Banks Unite for Instant Cross-Border Payments via Tokenized Deposits
Wells Fargo has joined forces with other major US banks to launch a shared tokenized deposit network in the first half of 2027. The project, operated by The Clearing House, aims to allow banks to move digital versions of customer deposits between each other at any hour.
The new system would settle transactions instantly and outside standard business hours, which currently limit bank transfers. Initially, large multinational companies with complex cross-border payment needs are expected to be the first users of the system.
Wells Fargo has a history of experimenting with blockchain technology, having piloted its own internal settlement tool called Wells Fargo Digital Cash in 2019. The bank also held discussions about issuing a stablecoin alongside other major banks in 2025.