Wells Fargo plans to launch tokenized deposits for corporate and commercial clients this fall, marking the latest sign that big banks are embracing digital assets. As the fourth-largest U.S. bank by assets, Wells Fargo aims to allow clients to transfer, program, and settle funds around the clock through traditional funds represented as digital tokens on a blockchain.

Initially covering U.S. dollars and British pounds for cross-border payments, the bank plans to expand into more countries and currencies next year based on demand. Chief Financial Officer Mike Santomassimo stated that the deposits will run on a proprietary blockchain platform, providing the bank more control.

Firms across Wall Street have increasingly adopted blockchain technology, from tokenized money-market funds to tokenized securities platforms. The technology is seen as a faster, more efficient way to settle transactions and move money. Wells Fargo noted its deposits will integrate with upcoming tokenized deposit networks and private networks.