Wells Fargo Tokenizes Cross-Border Deposits for Corporate Clients

Wells Fargo is set to launch tokenized deposits for corporate and commercial clients this fall. The bank will initially support US dollar and British pound deposits for cross-border transactions, enabling customers to transfer, program, and settle funds continuously through digital representations of traditional bank deposits.

The move follows similar tokenization efforts by major lenders including JPMorgan Chase and Citigroup. Wells Fargo plans to broaden the service to additional currencies and markets in 2027, depending on customer demand.

According to CFO Mike Santomassimo, the bank's platform will be compatible with the industry-backed tokenized deposit network expected to launch next year, as well as other private blockchain networks.