Wells Fargo stated that it is working with another 20 financial institutions to prepare for the issuance of stablecoins, with plans to launch them in the first half of 2027; meanwhile, CEO Charlie Scharf mentioned that the specific uses of stablecoins in the United States are still unclear.

• 21 financial institutions are forming a stablecoin company, planning to launch a US dollar token first.
• Scharf indicates that Wells Fargo launched tokenized deposits for corporate and commercial customers in September.
• The consortium plans to support cross-border payments as well as digital asset settlements for multiple customer groups.
• Wells Fargo reported a net profit of $5.95 billion in the third quarter, which is higher than the $5.59 billion in the same period last year.

Wells Fargo CEO Charlie Scharf stated during its financial report conference call on October 13 that the bank is building digital payment services and is also evaluating in which scenarios stablecoins can serve American customers. In addition to the proposed stablecoin business, the bank also confirmed that it has already launched tokenized deposits on its own blockchain platform.

"The use cases for stablecoins in the United States are still not clear, but we are working on solutions to be prepared when potential opportunities arise," said Scharf.

When discussing the bank's key areas of expenditure, Scharf stated that Wells Fargo is accelerating its investment in traditional and digital payments for both consumers and businesses. He cited corporate fund transfers as one use case for tokenized deposits and mentioned that as the platform expands, customers will be able to transfer funds between accounts at any time, as well as across borders.

Wells Fargo's stablecoin project aims to be launched by 2027

According to a announcement on September 1st, Wells Fargo and its partners committed to establishing this new company in the second half of 2026, provided that the delivery conditions are met. The group has set the first half of 2027 as the target timeline for launching the stablecoin products.

According to the announcement, the company will first launch tokens denominated in US dollars, and then consider currencies from other G7 countries, with the euro being listed as a priority. The participants plan to serve wholesale, institutional, and retail customers, including those who conduct cross-border payments or settle digital asset transactions.

The announcement stated that the members of the consortium include Bank of America, Citibank, Goldman Sachs, First Capital, Fidelity Investments, and WisdomTree. European participants include Deutsche Bank, Santander Bank, BBVA, Lloyd's Banking Group, and UBS; Mitsubishi UFJ Financial Group, Standard Bank, and Sirius International Holding represent other regions.

The group stated that for its operations in the United States and Europe, the proposed services will comply with the GENIUS Act and the Regulations on the Supervision of Crypto Asset Markets ( MiCA ) where applicable. The announcement also mentioned that the company name will be announced later.

Tokenized deposits have moved from the launch planning phase to the official live deployment stage.

At the financial report conference call, Scharf stated that Wells Fargo launched tokenized deposits for corporate and commercial customers in September. He said that as the platform expands, the bank expects this service to support 24/7 transfers.

As reported by crypto.news on August 4th, Wells Fargo's tokenized deposit launch plan was initially designed to provide limited US dollar-to-pound sterling services for specific customers. The bank stated that it will expand the number of customers, countries, and currencies covered in 2027, with subsequent market choices depending on customer demand.

According to reports at the time, the platform supported wallets held by banks, as well as payment instructions that could be executed under certain conditions. Wells Fargo also stated that in the future, the service might adopt technologies to connect its systems with other blockchain networks.

For American companies conducting business in the UK, the initially announced services cover transfers between US dollars and British pounds. In a statement in August, Wells Fargo stated that participating companies will be able to transfer, program, and settle funds around the clock within their banking framework.

In September, Cosmos's Chief Commercial Officer Eran Barak listed Wells Fargo as one of the banks that uses Cosmos ledger technology in its cross-border deposit projects. A report on September 10th provided detailed information about a supplier network consisting of 17 companies, covering areas such as custody, compliance, wallet management, security, and integration with existing banking systems.

Barak indicates that financial institutions will choose their own suppliers and sign separate contracts, rather than obtaining all services through a single agreement. He also stated that even if external companies provide transaction screening or other support tools, banks will still be responsible for compliance decisions.

Another set of American networks will connect deposits between various banks.

In July, Wells Fargo also appeared in another shared deposit token network developed by four major American banks, with the other three being JPMorgan Chase, Bank of America, and Citigroup. A report on July 28 stated that The Clearing House would operate this proposed system, with the goal of putting it into use in the first half of 2027.

According to the report, multinational corporations will be among the first to receive these services, which include corporate cash management, automated payments, and cross-border transfers. The proposed network will connect tokenized deposits issued by different banks with existing payment systems.

The report states that the The Clearing House project has also received support from more than a dozen other institutions, including Bank of New York Mellon, HSBC, PNC, Santander Bank, TD Bank, Truist, and U.S. Bank. The development work includes selecting technical solutions and reaching an agreement on unified operational standards.

According to the description in the July report, tokenized deposits represent claims on funds held in commercial banks. The proposal put forward by the participating institutions will allow customers to use blockchain payment functions while keeping the funds within the banking system.

Wells Fargo Reports Profit Growth in the Third Quarter

In its third-quarter financial results, Wells Fargo reported a net profit of $5.95 billion for the three months ending September 30, which is higher than the $5.59 billion in the same period last year. According to its financial report, earnings per share diluted increased from $1.66 to $1.87.

The financial supplementary materials for that period show that the quarterly revenue was 21.87 billion US dollars, compared to 21.44 billion US dollars in the same period of 2025, representing a year-on-year increase of 2%.