US banking giant Wells Fargo plans to launch a tokenized deposits service for corporate and commercial clients this fall, the Wall Street Journal (WSJ) exclusively reported. Wells Fargo, the fourth-largest bank by assets in the US, announced its plan to launch deposit tokens, stating that customers will be able to process 24-hour fund transfers, apply programming, and make payments through tokenized deposits in the future. Wells Fargo plans to initially support US dollar and British pound-based deposit tokens for cross-border payments, with plans to expand to more countries and currencies starting next year, depending on demand. These deposit tokens will also operate on Wells Fargo's own blockchain platform.
