A consortium of 21 financial institutions including Goldman Sachs, Bank of America, Citi, Deutsche Bank, Fidelity, and WisdomTree plans to create a company in 2026 to issue a dollar-pegged cryptocurrency in the first half of 2027. The group has more than doubled in size since October, though the token has no name or chosen blockchain yet.
Wells Fargo will introduce tokenized deposits starting this fall, beginning with limited dollar-to-pound exchange for select corporate clients. The move puts Wells Fargo in competition with JPMorgan and Citi in the race to tokenize Wall Street's settlement infrastructure.
Wells Fargo announced plans to launch blockchain-based tokenized deposits for corporate and commercial clients, enabling 24/7 fund transfers and settlements. The move comes as JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo consolidate their separate blockchain deposit projects into a single shared network operated by The Clearing House.
Major global banks including JPMorgan, Citibank, and UBS successfully settled real cross-border payments using tokenized central bank reserves and commercial bank deposits in a pilot program coordinated by the Bank for International Settlements.
As Bitcoin's price has plummeted from $126,000 to around $60,000, erasing over $1.2 trillion in market value, Citi analysts and industry experts are raising alarms about quantum computing vulnerabilities, with Stellar unveiling a three-stage migration plan to quantum-safe cryptography while debate intensifies over whether Bitcoin or traditional banks face greater risk.
