Wells Fargo will launch a tokenized deposit service for corporate clients this fall, initially supporting U.S. dollar-to-pound sterling transactions. According to Odaily, the service will connect to the bank’s existing payments platform and automatically use tokenized deposits for eligible transactions when they improve speed, timing or flexibility.

Wells Fargo said the system will support transfers around the clock, including weekends and holidays, and it plans to add programmable payment functions that release funds after preset conditions are met. The deposits will remain bank liabilities and retain the regulatory protections and deposit insurance eligibility of traditional products.

Cosmos Labs co-CEO Magmar said Wells Fargo’s blockchain use was built with Cosmos technology. Wells Fargo plans to expand the service in 2027 to cover more customers, countries and currencies.