Wells Fargo to launch tokenized deposits this fall, enabling 24/7 cross-border settlement for corporate clients

According to The Wall Street Journal, Wells Fargo (NYSE: WFC), the fourth-largest bank in the United States, announced it will launch tokenized deposit services for corporate and commercial clients this fall, becoming the latest major traditional bank to embrace blockchain technology. It is reported that the service will initially cover cross-border payment scenarios involving the US dollar and British pound. Customers can utilize digital tokens on the blockchain to enable 24/7 transfer, programmability, and real-time settlement of traditional funds, breaking through the time constraints of traditional financial systems.