January 29, 2023

Wells Fargo launches stablecoin for internal settlements

American financial company Wells Fargo & Company will launch a pilot blockchain service for internal settlements Wells Fargo Digital Cash powered by Corda Enterprise.

According to a press release, Wells Fargo Digital Cash will provide almost instant international transfers between company branches using digitized funds (tokens).

The company has already tested the concept on transfers from the USA to Canada.

The launch of the project is scheduled for 2020. Wells Fargo Digital Cash will initially provide dollar payments, but then add support for other currencies.

Recall that previously the largest US financial holding company JPMorgan developed its own stablecoin JPMCoin for making international payments to large customers.