The fourth-largest U.S. bank by assets plans dollar and pound tokenized deposits for corporate cross-border payments, with 24/7 transfers, programmable functions and broader expansion next year if demand supports it.
Wells Fargo plans to introduce a blockchain-based tokenized deposits service this fall for corporate and commercial clients, giving customers deposit tokens (digital representations of bank deposits) for 24/7 fund transfers, programmable functions and payments. The country's fourth-largest U.S. bank by assets will begin with U.S. dollar- and British pound-based tokens for cross-border payments, The Wall Street Journal reported, and may expand to more countries and currencies next year depending on demand. The service will run on Wells Fargo's in-house blockchain platform.