Banking giant Wells Fargo (WFC) readies deeper move into digital assets

Wells Fargo (WFC), one of the largest U.S. banks overseeing $1.7 trillion in assets, has filed a trademark application for a new digital asset-focused platform branded as WFUSD, signaling that the bank is pushing deeper into crypto and blockchain.

According to a Tuesday filing for the United States Patent and Trademark Office (USPTO), WFUSD would offer services such as “cryptocurrency payments processing,” “execute trades of digital assets” and “services featuring software for tokenization of assets,” among others.

The move mirrors global bank JPMorgan’s similar, digital asset-related trademark filing last year for “JPMD.” That foreshadowed the launch a permissioned USD deposit token under the same name on Base, the layer-2 network built on Ethereum.

In Wells Fargo’s case, the “WFUSD” trademark may hint for the offering being a tokenized deposit or stablecoin.

The bank did not return requests for a comment by press time.

The bank’s filing come as traditional financial institutions and global banks increasingly embrace digital assets, exploring tokenized assets and stablecoins. Last May, the Wall Street Journal reported that several U.S. banks including Wells Fargo, JPMorgan Chase (JPM), Bank of America (BAC) and Citigroup (C) held early-stage discussions to jointly launch a stablecoin.

Notably, Wells Fargo unveiled plans in 2019 to pilot an internal settlement service called Wells Fargo Digital Cash, running on the bank’s own distributed ledger technology (DLT) platform.