Wells Fargo is moving deeper into digital payments and tokenized finance, even as CEO Charlie Scharf acknowledged that stablecoin use cases in the United States remain unclear. Speaking during the bank’s third-quarter earnings call on October 13, Scharf said Wells Fargo is building solutions so it can act quickly if North American opportunities emerge.
“Use cases in the US for stablecoins remain unclear, but we’re building solutions to be prepared as opportunities potentially unfold,” Scharf said. He added that the bank is accelerating investment in both traditional and digital payment services for consumers and businesses. Corporate money transfers were highlighted as one potential use for tokenized deposits, allowing clients to move funds between accounts and across borders at any time.
Wells Fargo is one of 21 financial institutions planning to form a company that will issue stablecoins. The group announced the plan on September 1, with the company expected to be established in the second half of 2026 subject to closing conditions. Its first product, a US dollar token, is targeted for the first half of 2027. The consortium may later add other Group of Seven currencies, with the euro as a priority, and plans to serve wholesale, institutional, and retail customers for cross-border payments and digital asset settlement.
Participating institutions include Bank of America, Citi, Goldman Sachs, Capital One, Fidelity Investments, WisdomTree, Deutsche Bank, Santander, BBVA, Lloyds Banking Group, UBS, MUFG, Standard Bank, and Sirius International Holding. The stablecoin service is expected to follow the GENIUS Act in the US and the Markets in Crypto-Assets regulation in Europe where applicable.
Beyond the upcoming stablecoin company, Wells Fargo launched tokenized deposits in September for corporate and commercial clients on its own blockchain platform. The rollout began in August with a limited dollar-to-pound exchange service for selected clients, with plans to add customers, countries, and currencies during 2027.
Wells Fargo is also part of a separate US deposit token network led by The Clearing House alongside JPMorgan Chase, Bank of America, and Citigroup. That system is targeting the first half of 2027. Tokenized deposits represent claims on money held at commercial banks, enabling blockchain-based payment tools while funds remain within the banking system.
The bank reported third-quarter net income of $5.95 billion, up from $5.59 billion a year earlier. Diluted earnings per share rose to $1.87 from $1.66, while revenue increased 2% to $21.87 billion from $21.44 billion in the same period of 2025.
