Wells Fargo CEO Charlie Scharf said the bank is preparing for stablecoin opportunities in the US, even though demand remains unclear. The bank is part of a 21-institution group planning a dollar-pegged stablecoin and has launched tokenized deposits for corporate clients.
Wells Fargo CEO Charlie Scharf said on the October 13 third-quarter earnings call that the bank is preparing for changes in digital payments. The bank is building blockchain-based services, but it is unclear whether US demand for stablecoins is strong.
According to Scharf, "we’re building solutions to be prepared as opportunities potentially unfold". He added that the bank is increasing investments in both traditional and digital payments for consumers and businesses.
Wells Fargo joins 20 banks in a stablecoin venture
Wells Fargo is working with 20 other international financial institutions to establish a company that will issue stablecoins. The group includes Bank of America, Citi, Goldman Sachs and Deutsche Bank.
The institutions announced plans in September to form the company in the second half of 2026, on condition of closing. The consortium plans to launch its first U.S. dollar-pegged stablecoin in the first half of 2027.
The proposed stablecoin would serve retail and institutional customers, supporting cross-border payments and digital asset settlements. However, the services are still in development, and the participants haven't announced a final company name.
Tokenized deposits and a rise in Q3 profit
Separately, Wells Fargo has launched tokenized deposits for corporate and commercial clients. The service uses the bank's blockchain platform to enable 24-hour payments.
Meanwhile, Wells Fargo's net income for the third quarter was USD 5.95 billion, up from USD 5.59 billion a year earlier. Revenue rose by 2% to USD 21.87 billion.
Source: CoinGape
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