Wells Fargo CEO Charlie Scharf stated that the practical use cases for stablecoins in the US remain unclear. While corporate clients express interest in tokenization, they have yet to observe significant benefits from the technology.
Despite this, the bank is preparing a preliminary rollout of tokenized deposits for select corporate clients scheduled for fall 2026. This initial offering will facilitate 24/7 cross-border payments between US dollars and British pounds using a proprietary blockchain.
Unlike traditional stablecoins, these tokenized deposits will function as bank liabilities and retain deposit insurance. The move is part of a broader strategy to retain commercial deposits, as estimates suggest up to 30–35% of such funds could shift toward digital assets.
Additionally, Wells Fargo has joined a consortium of 21 financial institutions, including Bank of America and Citi. This group aims to issue a USD-denominated stablecoin during the first half of 2027.
