Aug. 5 at 1:50 AM
Wells Fargo will launch a tokenized deposits program on its blockchain platform for commercial clients, marking another step in Wall Street's adoption of digital asset technology for traditional banking. The service will initially support cross-border payments between the U.S. dollar and British pound, with plans to expand next year to additional customers, countries, and currencies.
Tokenized deposits represent bank deposits on blockchain infrastructure, enabling real-time, 24/7 fund transfers while remaining within the regulated banking system. CFO Mike Santomassimo said the rollout expands payment options for corporate clients without changing how they interact with Wells Fargo, allowing businesses to benefit from faster and programmable on-chain payments.
Wells Fargo is also participating in an industry initiative led by The Clearing House to develop a shared network for tokenized deposits.
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