Wells Fargo will launch a tokenized deposit service for corporate clients, operating on a self-developed blockchain

According to the Wall Street Journal, Wells Fargo plans to launch Tokenized Deposits services aimed at corporate clients, further exploring the application of blockchain technology in the traditional financial system.

Wells Fargo stated that the tokenized deposit system will operate on its self-developed blockchain network and support interoperability with other blockchain networks.

Tokenized deposits represent bank deposits in a digital form on the blockchain, allowing for faster and more transparent transfers of funds on-chain, while still being supported by the bank's deposit system.

This move signifies that large banks are accelerating the construction of blockchain infrastructure and exploring on-chain financial applications in scenarios such as corporate payments, fund management, and inter-institutional settlements.