Wells Fargo Rolls Out Tokenized Deposits This Fall

Wells Fargo is launching tokenized deposits this fall, allowing corporate and commercial clients to transfer funds 24/7 without traditional banking hours restrictions. The initial pilot will support U.S. dollar-to-British pound transactions for select corporate clients.

The tokenized deposit service will be run on Wells Fargo's proprietary blockchain platform, which supports internal custodial wallets. The bank plans to add more clients, countries, and currencies throughout 2027.

Wells Fargo joins JPMorgan and Citigroup in developing blockchain-based settlement services. The new product could help the bank serve businesses that require cross-border settlement outside normal banking hours.