Wells Fargo Launches Tokenized Deposit Service for Businesses
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Wells Fargo plans to launch a tokenized deposit service for corporate clients, exploring the application of blockchain technology in traditional finance. Tokenized deposits will represent bank deposits in a digital form, enabling rapid and transparent fund transfers on-chain, while being supported by the bank's deposit system. The system will operate on Wells Fargo's self-developed blockchain network and will support interoperability with other blockchain networks. This initiative indicates that large banks are accelerating the construction of blockchain infrastructure and exploring on-chain financial application scenarios such as corporate payments, fund management, and inter-institutional settlement.
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