Wells Fargo has filed a trademark application for “WFUSD,” signaling the bank’s plans to enter the growing stablecoin market, according to a March 10 submission to the US Patent and Trademark Office (USPTO).
The filing covers software, blockchain platforms, and financial services for digital payments, crypto trading and staking, wallets, tokenization, and smart contracts.
This is not Wells Fargo’s first foray into digital currency technology. The San Francisco-based firm previously piloted Wells Fargo Digital Cash, an internal stablecoin for cross-border settlements running on its first distributed ledger technology platform.
The initiative sought to improve operational efficiency by enabling near real-time internal transfers across Wells Fargo’s global network, extending operating hours, and reducing reliance on third-party intermediaries.
The WFUSD trademark filing comes after reports last May that entities co-owned by JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and other leading US banks were exploring a collaborative stablecoin initiative designed to compete with rapidly growing digital asset platforms.
JPMorgan has already launched JPMD, a US dollar deposit token for institutional clients that allows 24/7 blockchain settlements on networks like Coinbase’s Base. The token represents bank deposits, earns interest, and supports on-chain payments, but remains permissioned, available only to approved institutions rather than retail users.
Other Articles
No Comment! Be the first one.