TLDR
- Wells Fargo CEO Charlie Scharf said US stablecoin use cases remain unclear, but the bank is building solutions to be ready.
- Wells Fargo is joining 20 other institutions to form a stablecoin company, with a US dollar token planned for the first half of 2027.
- The bank launched tokenized deposits in September for corporate and commercial clients.
- Wells Fargo is also part of a separate US deposit token network led by The Clearing House, targeting the first half of 2027.
- Third-quarter net income rose to $5.95 billion from $5.59 billion, and revenue rose 2% to $21.87 billion.
Wells Fargo CEO Charlie Scharf spoke about digital payments during the bank’s third-quarter earnings call on October 13. He said the bank is preparing for possible changes in how money moves.
🇺🇸 JUST IN: Wells Fargo is gearing up for US stablecoins as CEO Charlie Scharf says the bank is building solutions for potential North American opportunities.
Scharf says U.S. use cases remain unclear, but the bank is preparing as opportunities emerge.
Wells Fargo has joined 20… pic.twitter.com/5vNdeumXjT
— Coin Bureau (@coinbureau) October 13, 2026
“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 both traditional and digital payments. These services are aimed at consumers and businesses.
Scharf named corporate money transfers as one use for tokenized deposits. He said the platform would let clients move funds between accounts and across borders at any time.
A 21-Bank Stablecoin Company
Wells Fargo is one of 21 financial institutions planning to set up a company that will issue stablecoins. The group announced the plan on September 1.
The company is expected to form 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 group may later add other Group of Seven currencies, with the euro as a priority. It plans to serve wholesale, institutional and retail customers. Uses include cross-border payments and digital asset settlement.
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. MUFG, Standard Bank and Sirius International Holding also take part.
The service is expected to follow the GENIUS Act in the US and the Markets in Crypto-Assets regulation in Europe, where it applies. The company has not yet announced its name.
Tokenized Deposits and a Shared US Network
Scharf said Wells Fargo introduced tokenized deposits in September for corporate and commercial clients. The bank runs the service on its own blockchain platform.
The rollout began in August with a limited dollar-to-pound exchange service for selected clients. The bank plans to add customers, countries and currencies during 2027.
In July, Wells Fargo was named among four large US banks developing a shared deposit token network. The others are JPMorgan Chase, Bank of America and Citigroup. The Clearing House would run the system, with a target of the first half of 2027.
Tokenized deposits are claims on money held at commercial banks. Customers can use blockchain payment tools while their funds stay in the banking system.
Wells Fargo reported net income of $5.95 billion for the three months ended September 30. That compares with $5.59 billion a year earlier. Diluted earnings per share rose to $1.87 from $1.66, and revenue reached $21.87 billion, up 2% from $21.44 billion in the same period of 2025.
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