Wells Fargo prepares for stablecoins as CEO questions US use cases

Wells Fargo has outlined plans to issue stablecoins with 20 other financial institutions in the first half of 2027, while CEO Charlie Scharf has said their use cases in the United States remain unclear. 21 financial institutions are establishing a stablecoin company, with a dollar token planned first. Scharf said Wells Fargo launched tokenized deposits for corporate and commercial clients in September. The consortium plans to support cross-border payments and digital asset settlements across several customer groups. Wells Fargo reported third-quarter net income of $5.95 billion, compared with $5.59 billion a year earlier.