Wells Fargo to Launch 24/7 Tokenized Deposit Service This Fall

Making Blockchain Payments Available for Corporations at All Times

U.S. financial giant Wells Fargo plans to launch a tokenized deposit service for corporate and commercial clients this fall.

In the initial phase, the service will support transactions in U.S. dollars and British pounds, enabling 24/7 fund transfers and payments that are not restricted by traditional banking hours.

Gradual Expansion from U.S. Dollar to British Pound Payments

The new service will represent deposits in bank accounts as digital tokens on the blockchain, allowing participating companies to move funds between accounts, subsidiaries, and business partners. Transactions will be possible even on weekends and holidays, reducing delays that typically occur outside of banking hours with traditional bank transfers.

The service will operate on Wells Fargo's proprietary blockchain infrastructure and utilize an internal custodial wallet. Customer funds will be maintained within the bank's deposit system, and the bank asserts that tokenized deposits will retain the same regulatory protections and deposit insurance eligibility as traditional deposits.

Additionally, the service will support programmable payments using smart contracts, allowing payments to be automatically executed when pre-set conditions are met. This will enable corporate finance departments to manage cross-border payments and liquidity more flexibly than before.

Mike Santomassimo, CFO of Wells Fargo, described the launch of this service as "a significant step" towards expanding payment options. Wells Fargo plans to expand the range of clients, countries, and currencies served by 2027, taking into account customer demand and regulatory requirements.

Looking to Connect with Shared Tokenized Deposit Networks

Wells Fargo is also participating in a shared tokenized deposit network being jointly developed by major U.S. banks, separate from its own services. This initiative, which includes JP Morgan, Bank of America, and Citigroup, is operated by The Clearing House, a payment company jointly owned by the participating banks, with a goal to start operations in early 2027.

The shared network aims to establish a system for moving digital versions of customer deposits between banks 24/7. Wells Fargo plans for its platform to eventually communicate with other blockchain networks using interchain connection technology. It also anticipates collaboration with industry-led tokenized deposit networks and compatibility with other private blockchains.

In 2019, Wells Fargo began testing its internal payment tool, "Wells Fargo Digital Cash," on its own decentralized ledger platform. Additionally, in March 2026, it applied for a trademark for "WFUSD," which targets payment processing, electronic remittances, tokenization, and digital wallets.

However, the bank has not clarified whether WFUSD is the name of the tokenized deposit service or if it plans to issue its own stablecoin. This service represents an effort to incorporate the immediacy and programmability of blockchain into corporate payments while maintaining deposits within a regulated banking system.