Wells Fargo plans stablecoin rollout with 20 institutions for 2027
CIE News ·
Wells Fargo and 20 financial institutions plan to launch a US dollar stablecoin in the first half of 2027, according to comments by CEO Charlie Scharf during the bank's October 13 earnings call.
Wells Fargo plans to introduce an institutional US dollar stablecoin in the first half of 2027 in partnership with 20 other financial institutions, according to statements by CEO Charlie Scharf during an earnings call on October 13, 2026. The proposed company, set to be established in the second half of 2026 subject to closing conditions, aims to facilitate 24/7 cross-border payments and digital asset transaction settlements for wholesale, institutional, and retail clients. The consortium includes firms such as Bank of America, Citi, Goldman Sachs, and Deutsche Bank.
Scharf stated that domestic use cases for stablecoins remain unclear, but added that the bank is developing digital payment infrastructure to prepare for potential opportunities, crypto.news reported. The initiative will initially focus on a dollar-pegged token before evaluating other G7 currencies like the euro. The planned service is expected to operate under the GENIUS Act in the United States and the Markets in Crypto-Assets regulation in Europe.
The stablecoin initiative follows Wells Fargo's September rollout of tokenized deposits on its proprietary blockchain platform for commercial clients, which began with transfers between dollars and British pounds. Scharf said the bank plans to expand that service to enable around-the-clock domestic and international fund movements as more customers and currencies are added.