Wells Fargo Targets First-Half 2027 Stablecoin Issuance

Wells Fargo and 20 international financial institutions are targeting the first-half of 2027 to begin issuing a U.S. dollar-denominated stablecoin for payments and digital-asset settlement, despite uncertainty over U.S. use cases.

The institutions plan to establish a new company during the second half of 2026, subject to closing conditions. The proposed stablecoin would support wholesale, institutional and retail payments, cross-border payments and digital-asset settlement.

Wells Fargo Chairman and CEO Charlie Scharf said during the bank’s Oct. 13 earnings call at 10 a.m. ET (14:00 UTC), “Use cases in the U.S. for stablecoins remain unclear, but we're building solutions to be prepared as opportunities potentially unfold.”

The initial token is planned to be denominated in U.S. dollars. The group is also considering additional G7 currencies, with the euro identified as a priority for potential future issuance. The initiative is intended to comply with the GENIUS Act in the United States and the Markets in Crypto-Assets framework where applicable.

Participants include Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo, WisdomTree, Banco Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Coöperatieve Rabobank U.A., UBS, MUFG Bank, Sirius International Holding and Standard Bank.

The stablecoin project is separate from Wells Fargo’s tokenized-deposit product. The bank describes tokenized deposits as blockchain-based representations of commercial bank money that remain within its regulated and insured banking system. The proposed stablecoin is intended for wholesale, institutional and retail payments and settlement.

Wells Fargo announced Aug. 4, 2026, that its tokenized deposits would initially support selected U.S. dollar-to-British pound transactions for corporate and commercial clients, with expansion planned during 2027. The system is designed to help clients move money between accounts and across borders with greater speed and ease, building on the bank’s existing infrastructure. Wells Fargo’s tokenized-deposit plans for corporate and commercial clients provide background on that separate initiative.

The stablecoin effort follows an Oct. 2025 exploration by an initial group of 10 banks of a reserve-backed digital payment asset available on public blockchains. The consortium has not announced the new company’s name, operating structure, reserve arrangements, issuer or final token design.

Wells Fargo reported third-quarter net income of $5.951 billion for the quarter ended Sept. 30, 2026, compared with $5.589 billion a year earlier. Revenue was $21.870 billion, and diluted earnings per common share were $1.87. The preliminary results and disclosures may differ in Wells Fargo’s Form 10-Q filing.

Scharf said Wells Fargo is establishing the company with the other institutions and expects stablecoin issuance to begin in the first half of 2027.