February 8, 2023

$ 500 billion in assets: financial giant Wells Fargo tests cryptodollar

$ 500 billion in assets: financial giant Wells Fargo tests cryptodollar
Wells Fargo develops blockchain platform

Wells Fargo North American financial conglomerate announces testing the blockchain platform for internal money transfers. The central place in it will take stablecoin secured by the US dollar.

Wells Fargo tests blockchain platform

September 17 North American Bank Wells Fargoannounced the testing of a blockchain platform for international domestic money transfers of large customers. The bank plans to use stablecoin - essentially the digitized US dollar - for transactions.

The financial institution claims that the platform will allow operations to be carried out during non-operating hours, remove intermediaries, which will reduce the time of transactions and reduce their cost.

  • Wells Fargo plans to complete testing in2020 year. At this time, the bank will use the blockchain platform only for transfers in US dollars. If the test is successful, the financial institution promises to transfer transactions to the blockchainTransaction
    - This is a financial term that means a logically meaningful operation that can only be carried out in full. More details in other currencies
  • Prior to this, Wells Fargo used the blockchain to process transactions between bank branches in the USA and Canada. The financial institution claims that this "run-in" technology was successful
  • As of June 30, 2019, Wells Fargo managed $ 495 billion in assets.