Wells Fargo will introduce tokenized deposits for its corporate and commercial clients this fall, the bank said on Aug. 4, beginning with a limited U.S. dollar-to-British pound exchange for select clients and expanding over the course of 2027 to more clients, countries and currencies.
The fourth-largest U.S. bank by assets is putting deposit liabilities on a blockchain to keep corporate payment flows on its own balance sheet as stablecoins take on more of that work. Tokenized deposits sit in a different regulatory box from stablecoins: the GENIUS Act, signed into law on July 18, 2025, excludes deposits recorded using distributed ledger technology from its definition of a payment stablecoin.
Wells Fargo holds approximately $2.3 trillion in assets and reported average deposits of $1.47 trillion in the second quarter, according to its Q2 2026 earnings release. The two segments the product targets — Commercial Banking and Corporate and Investment Banking — held average deposits of $189.5 billion and $234.8 billion respectively.
"Tokenized deposits will enable Wells Fargo's corporate and commercial clients to move money between accounts and across borders with greater ease and increased speed and builds on the strength of our established banking infrastructure," said Mike Santomassimo, Wells Fargo's chief financial officer, in the release.
