Wells Fargo Joins Blockchain Bandwagon with Tokenized Deposit Offering

Wells Fargo is joining JP Morgan and Citi in launching a tokenized deposit offering on its permissioned blockchain, targeting corporate and commercial clients. The US bank plans to roll out this service in the fall, supporting US dollars and sterling.

This move marks an important step forward for Wells Fargo, as it expands payment options and provides 24/7/365 initial offerings. According to CFO Mike Santomassimo, the tokenized deposits will be integrated seamlessly into the bank's established banking infrastructure, allowing clients to use the capability without any changes in how they interact with Wells Fargo.

The bank has already been participating in Swift blockchain trials for cross-border payments and aims to add more currencies and jurisdictions in the future. Like JP Morgan and Citi, Wells Fargo will start with a basic service and layer on functionality later, including programmability.