Wells Fargo (WFC) said Tuesday it plans to introduce tokenized deposits that will allow corporate and commercial clients to move and settle funds around the clock within the regulated banking system.
The blockchain-based service is expected to launch this fall with limited US dollar-to-British pound transactions for select clients. Wells Fargo said it plans to expand the program to more customers, countries and currencies during 2027.
The service will eventually support programmable payments and round-the-clock transfers between accounts, subsidiaries and counterparties while retaining the same regulatory protections and deposit insurance eligibility as Wells Fargo's existing deposit products, Wells Fargo said.
Price: 88.01, Change: +0.12, Percent Change: +0.14
