Wells Fargo reported third-quarter net income of $5.95 billion, up from $5.59 billion a year earlier, as the bank advances its digital payments strategy. Diluted earnings per share rose to $1.87 from $1.66, while quarterly revenue reached $21.87 billion, up 2% from $21.44 billion in the same period of 2025.
The bank is preparing to issue a stablecoin with 20 other financial institutions in the first half of 2027. CEO Charlie Scharf acknowledged during an earnings call on October 13 that stablecoin use cases in the United States remain unclear, but said Wells Fargo is building solutions to be ready if opportunities develop.
Stablecoin Consortium Details
Wells Fargo and its partners announced the initiative on September 1. The group expects to establish the new company in the second half of 2026, subject to closing conditions. The service will launch with a US dollar token and may later add other Group of Seven currencies, with the euro as a priority.
The consortium includes Bank of America, Citi, Goldman Sachs, Capital One, Fidelity Investments and WisdomTree. European members include Deutsche Bank, Santander, BBVA, Lloyds Banking Group and UBS, while MUFG, Standard Bank and Sirius International Holding represent other regions.
The group plans to serve wholesale, institutional and retail customers, including those making cross-border payments or settling digital asset trades. The service will follow the GENIUS Act in the US and the Markets in Crypto-Assets regulation in Europe, where applicable.
Tokenized Deposits Expansion
Wells Fargo launched tokenized deposits in September for corporate and commercial clients. The service allows transfers between accounts and across borders at any time, with the rollout beginning with a limited US dollar to British pound exchange service for selected clients. The bank plans to add customers, countries and currencies during 2027.
Tokenized deposits are claims on funds held at commercial banks, allowing customers to use blockchain payment tools while keeping their money inside the banking system. The platform supports bank-held wallets and payment instructions that execute when set conditions are met.
Wells Fargo is also part of a separate shared deposit token network with JPMorgan Chase, Bank of America and Citigroup, which The Clearing House will operate. That system also targets launch in the first half of 2027.
