TLDR
Wells Fargo plans to issue a stablecoin with 20 other financial institutions in the first half of 2027.
CEO Charlie Scharf said stablecoin use cases in the US “remain unclear,” but the bank is preparing.
The consortium will start with a US dollar token and may later add the euro and other G7 currencies.
Wells Fargo launched tokenized deposits for corporate and commercial clients in September.
Third-quarter net income rose to $5.95 billion from $5.59 billion a year earlier.
Wells Fargo is preparing to issue stablecoins with 20 other financial institutions in the first half of 2027. The plan moves ahead even as CEO Charlie Scharf says stablecoin use cases in the United States are still unclear.
Scharf spoke during the bank’s earnings call on Oct. 13. He said Wells Fargo is building digital payment services while studying where stablecoins could help American customers.
“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 speeding up investment in traditional and digital payments for consumers and businesses.
Stablecoin Venture Targets 2027 Launch
Wells Fargo and its partners announced the plan on Sept. 1. The group expects to set up the new company in the second half of 2026, subject to closing conditions.
The company will start with a US dollar token. It may later add other Group of Seven currencies, with the euro as a priority.
The group plans to serve wholesale, institutional and retail customers. This includes people making cross-border payments or settling digital asset trades.
Members include Bank of America, Citi, Goldman Sachs, Capital One, Fidelity Investments and WisdomTree. European members include Deutsche Bank, Santander, BBVA, Lloyds Banking Group and UBS, while MUFG, Standard Bank and Sirius International Holding represent other regions.
The group said the service would follow the GENIUS Act in the US and the Markets in Crypto-Assets regulation in Europe, where applicable. The company’s name will be shared later.
Tokenized Deposits and Third-Quarter Results
Scharf said Wells Fargo launched tokenized deposits in September for corporate and commercial clients. The bank expects the service to allow transfers between accounts and across borders at any time.
The rollout began with a limited US dollar to British pound exchange service for selected clients. Wells Fargo plans to add customers, countries and currencies during 2027.
The platform supports bank-held wallets and payment instructions that run when set conditions are met. In September, a Cosmos executive said Wells Fargo uses Cosmos ledger technology for the project.
Wells Fargo is also part of a separate shared deposit token network with JPMorgan Chase, Bank of America and Citigroup. The Clearing House would run that system, which also targets the first half of 2027.
Tokenized deposits are claims on funds held at commercial banks. They let customers use blockchain payment tools while keeping their money inside the banking system.
On the financial side, Wells Fargo reported net income of $5.95 billion for the quarter ended Sept. 30. That is up from $5.59 billion a year earlier.
Diluted earnings per share rose to $1.87 from $1.66. Quarterly revenue reached $21.87 billion, up 2% from $21.44 billion in the same period of 2025.
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