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FollowingThe stablecoin project aims to launch by 2027.
Wells Fargo plans to collaborate with 20 other financial institutions to issue stablecoins in the first half of 2027. Although CEO Charlie Scharf stated that the use cases for stablecoins in the United States are still “unspecified,” the bank has already begun preparations.
The consortium will first introduce US dollar tokens, and later may include euros and other G7 currencies. In September, Wells Fargo launched token-based deposit services for business clients. Its net profit in the third quarter increased from $5.59 billion last year to $5.95 billion.
The stablecoin venture is scheduled to be launched in 2027.
Wells Fargo and its partners announced this plan on September 1st. Under certain conditions, the group expects to establish a new company in the second half of 2026. This company will initially issue US dollar tokens, and later may also incorporate euros and other G7 currencies.
The group intends to serve wholesale, institutional, and retail customers, including those involved in cross-border payments or settlement of digital asset transactions. Members include Bank of America, Citigroup, Goldman Sachs, First Capital, Fidelity Investments, and WisdomTree. European members include Deutsche Bank, Santander Bank, Banco Hispanico, Lloyds Banking Group, and UBS. Mitsubishi UFJ Financial Group, Standard Chartered, and Sirius International Holding represent regions outside of the G7.
The company stated that this service will comply with both the GENIUS legislation in the United States and the European regulations governing the crypto asset market (MiCA), depending on the applicable laws. The company name will be announced later.
Tokenized deposits and quarterly results
Scharf mentioned that Wells Fargo launched tokenized deposit services for business and corporate clients in September. The bank expects this service to allow for instant transfers between accounts as well as across borders. Initially, only a limited number of customers will have access to US dollar-to-pound exchange services. Wells Fargo plans to expand the number of customers, countries, and currencies supported by this service by 2027.
The platform supports wallets held by banks, as well as payment instructions that can be executed under certain conditions. In September this year, an executive at Cosmos said that Wells Fargo is using Cosmos blockchain technology in its projects.
Wells Fargo is also involved in another shared deposit token network coordinated by JPMorgan Chase, Bank of America, and Citigroup. The Clearing House will operate this system, which is also scheduled to be launched in the first half of 2027.
Tokenized deposits represent a claim on funds held by commercial banks. They enable customers to use blockchain-based payment tools while keeping their funds within the banking system.
Financially, Wells Fargo reported a net profit of $595 million for the quarter ending September 30, which is higher than the $559 million reported for the same period last year. Earnings per share increased from $1.66 to $1.87. Quarterly revenue reached $21.87 billion, a 2% increase from the $21.44 billion recorded in 2025.
