Wells Fargo Builds Tokenized Deposit Network with Big Banks
Wells Fargo is taking a multi-pronged approach to tokenized deposits, a move that could disrupt the stablecoin market.
The bank has joined forces with JPMorgan Chase, Bank of America, and Citigroup to build a shared network for tokenized deposits. The consortium aims to launch in the first half of 2027 and will enable 24/7 settlement and introduce programmable features for bank deposits through a distributed ledger.
Wells Fargo is also building its own tokenized deposit engine using the Cosmos blockchain protocol, which prioritizes interoperability between different blockchains. This makes it a logical choice for a bank that needs its token infrastructure to talk to multiple systems simultaneously.
The bank's engagement in a pilot program launched by Swift in July 2026 is another key development. The initiative focuses on creating a blockchain-based ledger for cross-border tokenized deposit transfers, involving 17 global banks.
Wells Fargo has also filed a trademark for WFUSD, which covers services including digital asset tokenization, payment processing, and trading. This suggests a deposit token product designed to compete directly with dollar-denominated stablecoins.