Wells Fargo has filed a trademark software for “WFUSD,” signaling the financial institution’s plans to enter the rising stablecoin market, in response to a March 10 submission to the US Patent and Trademark Workplace (USPTO).
The submitting covers software program, blockchain platforms, and monetary companies for digital funds, crypto buying and selling and staking, wallets, tokenization, and good contracts.
The WFUSD trademark submitting comes after stories final Might that entities co-owned by JPMorgan Chase, Financial institution of America, Citigroup, Wells Fargo, and different main US banks had been exploring a collaborative stablecoin initiative designed to compete with quickly rising digital asset platforms.
JPMorgan has already launched JPMD, a US greenback deposit token for institutional shoppers that enables 24/7 blockchain settlements on networks like Coinbase’s Base. The token represents financial institution deposits, earns curiosity, and helps on-chain funds, however stays permissioned, out there solely to authorized establishments quite than retail customers.
