Wells Fargo Files trademark for WFUSD as it Deepens Push Into Crypto

TL;DR

• Wells Fargo filed a crypto-related trademark application for WFUSD.

• The filing indicates WFUSD would support cryptocurrency payment processing, digital asset trading and software for tokenizing assets.

Wells Fargo Files a Trademark for WFUSD

Wells Fargo (WFC), one of the largest U.S. banks overseeing $1.7 trillion in assets, has officially filed a trademark application for a new digital asset-focused platform branded as WFUSD.

This latest development signals the banks deeper push into the cryptocurrency ecosystem. 

The filing with the United States Patent and Trademark Office (USPTO) revealed that WFUSD would offer services such as "cryptocurrency payments processing," "execute trades of digital assets" and "services featuring software for tokenization of assets," among others.

This move is similar to JPMorgan’s digital asset-related trademark filing last year for "JPMD." That foreshadowed the launch a permissioned USD deposit token under the same name on Base, the layer-2 network built on Ethereum.

Wells Fargo’s trademark may hint at the offering being a tokenized deposit or stablecoin. However, the bank hasn’t provided an official comment on this at the moment. 

This latest development comes as more traditional financial institutions and global banks are expanding their presence in the cryptocurrency space, especially in tokenized assets and stablecoins. 

Last year, several U.S. banks, including Wells Fargo, JPMorgan Chase (JPM), Bank of America (BAC), and Citigroup (C), held early-stage discussions to jointly launch a stablecoin.