February 22, 2024

$ 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

North American financial conglomerate Wells Fargo announcedtesting 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

On September 17, North American bank Wells Fargo announced the testing of a blockchain platform for international domestic money transfers of large customers.The bank plans to use a stablecoin – essentially a digitized U.S. 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
    is a financial term that means a logically meaningful transaction that canMore details and in other currencies
  • Prior to that, Wells Fargo used blockchain to process transactions between the bank's branches in the United States and Canada.The financial institution claims that this "run-in" of the technology was successful
  • As of June 30, 2019, Wells Fargo had $495 billion in assets under management