Wells Fargo Taps Blockchain for Corporate Deposits

The fourth-largest US bank by assets, Wells Fargo, will launch tokenized deposits for its corporate and commercial clients this fall. The service, which allows companies to keep their deposit liabilities on a blockchain, is set to start with a limited U.S. dollar-to-British pound exchange corridor for select clients.

Wells Fargo's chief financial officer, Mike Santomassimo, said that tokenized deposits will 'enable Wells Fargo's corporate and commercial clients to move money between accounts and across borders with greater ease and increased speed'.

The service is part of the bank's effort to stay competitive in the market, where stablecoins are increasingly taking on more work. Tokenized deposits sit in a different regulatory box from stablecoins, as they are excluded from the definition of a payment stablecoin under the GENIUS Act.