Wells Fargo is the latest US bank to launch its tokenised deposit service to offer instant, commercial deposit money transfers ran on blockchain technology which have been gaining momentum in the past year.
Wells Fargo is planning on launching a tokenised deposit service for its commercial and corporate clients later this year.
The tokenised deposit service will run on Wells Fargo’s proprietary blockchain network designed for cross-border payments, with US dollars and British sterling the first currencies available.
Tokenised deposits are digital representations of bank deposits which are processed on blockchain technologies and distributed ledger technology to support instant bank transfers and cross-border payments.
According to the Wall Street Journal, the service will be rolled out initially for the bank’s US clients. However, there are plans to expand tokenised deposits into more countries and accommodate more currencies next year, confirmed Mike Santomassimo, Chief Financial Officer at Wells Fargo.
Wells Fargo, the fourth-largest US bank, is also part of a tokenised deposit network alongside other US banks, including JP Morgan, Citibank and Bank of America.
The US bank tokenised deposit network is set to launch next year and will support Wells Fargo’s service.
Wells Fargo’s tokenised deposits offering
Wells Fargo announced its tokenised deposit service in April 2026 in a bid to acclimatise to the growing interest from traditional finance of digital asset services.
The US bank’s service will be blockchain-based representations of commercial bank money which can be moved, stored and settled 24/7/365 across banking and payment rails.
As tokenised deposits are integrated within a bank’s existing infrastructure, it is not subject to specialised or digital asset-specific regulations. Rather, it complies with the same commercial deposit and bank regulations as it would for regular money movement of fiat payments.
Wells Fargo’s offering is embedded in its framework to automatically reroute payments, which supports clients to move funds between accounts, subsidiaries and counterparties. Clients can also set conditional payments with tokenised deposit contracts to allow the release of funds based on predefined logic.
“Tokenised 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 Santomassimo during the April announcement.
“Launching tokenised deposits is an important step forward as we expand payment options, including on-chain solutions, for our corporate and commercial clients, who will be able to take advantage of this capability without experiencing any change to how they interface with Wells Fargo.”
How it compares to other US bank tokenised deposit offerings
The other US banks part of the US tokenised deposit network have also been actively developing their own services.
JP Morgan’s blockchain business arm, Kinexys by JP Morgan, handles its tokenised deposit service which has launched a dedicated digital token to support its blockchain-based transactions, called JPMD.
The US’ largest bank has participated alongside 27 other global banks to test its multi-currency tokenised deposit settlement capabilities as part of Project Agora. JP Morgan has processed live cross-border transactions using tokenised central bank deposits and reserves.
Citi’s tokenised deposit offering comes from its Citi Token Services, which support 24/7 clearing of blockchain-based commercial deposits from within its platform.
Citi has expanded the currencies supported with its tokenised deposit offering with Euros last year, as well as scaling its cross-border payments offering to institutional clients in Europe alongside markets where Citi Token Services is accessible, including the US, UK, Singapore and Hong Kong.
Furthermore, in what the US bank described as a “first of its kind”, Citi will act as the issuer and custodian for tokenised depositary receipts as representatives of private company equity.
Bank of America, while also being a part of Project Agora, has embedded tokenised deposits into its treasury services. This supports its clients to use tokenised deposits for real-time liquidity management.
The service also allows Bank of America clients to use tokenised cash deposits to enable instant 24/7 margin calls and automated post-trade settlements.
