Wells Fargo Plans Tokenised Deposits for Corporate Clients

Wells Fargo announced plans to launch tokenised deposits for selected corporate and commercial clients this autumn, initially supporting USD-to-GBP transactions. The service will automatically route eligible payments through tokenised deposits and support round-the-clock transfers, settlement and conditional payments. It will be integrated into the bank's existing infrastructure.

Wells Fargo plans to expand to more clients, countries and currencies through 2027. The bank says the deposits will retain regulatory protections and deposit-insurance eligibility of its existing products. Wells Fargo also participates in a shared initiative operated by The Clearing House and says its platform can support inter-chain connectivity in future offerings.