Wells Fargo, a major player on Wall Street, has revealed plans to use tokenized deposits, which would allow money to be settled after market hours. This coincides with the adoption of tokenization by conventional financial (TradFi) institutions, who move their assets on-chain.
The bank revealed intentions to implement tokenized deposits in a news statement, allowing its business and corporate clients to move, program, and settle assets inside a regulated framework around-the-clock. The announcement stated, “The program will launch this fall with a limited U.S. dollar (USD) to British pound (GBP) exchange and will expand to more clients, countries, and currencies over the course of 2027.”
The anticipated introduction of tokenized deposits, according to Wells Fargo CFO Mike Santomassimo, is a “significant step forward” as it broadens its range of payment choices, including on-chain solutions. Notably, the bank joins others like Citigroup and JPMorgan who are using tokenization.
JPMorgan announced ambitions to extend to the Canton network this year after launching its deposit token, JPM Coin, on Base last year. In the meanwhile, Citigroup introduced tokenized depository receipts and intends to introduce tokenized private company shares.
Tokenization is still being embraced by BlackRock, the biggest asset management. BlackRock introduced two tokenized money funds yesterday, as CoinGape reported, with the goal of positioning these funds as perfect reserve assets for stablecoin issuers that comply with GENIUS.
Tokenized deposits will make use of Wells Fargo’s blockchain platform, which it stated enables internal custodial wallets and the bank’s inter-chain connection technologies in upcoming products.
For USD-to-GBP transfers, the bank will implement the program for a limited number of corporate and commercial clients. In the meanwhile, it intends to expand its deployment over the course of the upcoming year, making it accessible to all qualified customers and including other currencies.
Notably, Wells Fargo is participating in the DTCC tokenization pilot to tokenize U.S. Treasury bonds and equities. The initiative’s first phase was launched by DTCC last month, and the official tokenization program is scheduled to start in October.
LATEST: 🏦 Wells Fargo will launch tokenized deposits this fall, starting with round-the-clock dollar-to-pound transfers for select corporate clients on its own blockchain. pic.twitter.com/ibRiyDmwVl
— CoinMarketCap (@CoinMarketCap) August 5, 2026
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