Wells Fargo joins JPMorgan and Citi in tokenizing Wall Street settlement rails

Wells Fargo is entering the blockchain-based payments space, joining rivals JPMorgan and Citi in efforts to modernize Wall Street's settlement infrastructure. The bank plans to process payments using its own proprietary blockchain network. Transactions will be automatically routed through the bank's existing client-facing interface, minimizing disruption to current workflows. The move signals growing momentum among major U.S. banks to tokenize traditional financial settlement systems.