Wells Fargo to Pilot Dollar-Linked Stablecoin for Internal Settlement

As reported by CoinDesk, “U.S.-based financial giant Wells Fargo is developing a U.S. dollar-linked stablecoin that will run on the firm’s first blockchain platform.

“Dubbed Wells Fargo Digital Cash, the tokenized dollar will be used in a pilot initially for internal settlement across the company’s business.

“The firm said in a press release on Tuesday that the digital token will enable to settle internal cross-border payments across its global network. Its international locations will also be able to move funds between each other using the token.

“As banking services become increasingly digital, Wells Fargo sees ‘a growing demand to further reduce friction regarding traditional borders, and today’s technology puts us in a strong position to do that,’ said Lisa Frazier, head of the Innovation Group at the company.

“Wells Fargo says its proprietary digital ledger tech (DLT) platform will enable it to move money in ‘near real-time’ and ‘without impact to the underlying account, transaction postings or reconcilement infrastructure.’

“It will also allow the firm’s international locations to move funds outside normal operating hours, remove the need for third-party payment intermediaries and cut the time and costs associated with such transactions.”

Continue to read the full story at CoinDesk.

Track the current price of Bitcoin, Ethereum, Ripple and altcoins here.