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Wells Fargo to Launch USD-Pegged Stablecoin for Internal Settlements

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US multinational megabank Wells Fargo & Co. (NYSE:WFC) has revealed plans to launch a US dollar-linked stablecoin that will run on the company’s first blockchain platform.

The “Wells Fargo Digital Cash”

The service, dubbed “Wells Fargo Digital Cash,” is a tokenized dollar that will be used in internal settlement across the firm’s business. The stablecoin will be piloted first and will debut next year. It’s initially targeting USD transfers, but there is a wider plan to accommodate transfers in other currencies within the company’s blockchain network.

On Tuesday, the company said that the stablecoin …

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