Wells Fargo files “WFUSD” trademark, marks launch of dollar-backed stablecoin

Wells Fargo has filed a trademark application for “WFUSD,” indicating the bank's plans to enter the growing stable coin market, according to a March 10 filing with the US Patent and Trademark Office (USPTO).

The registry covers software, blockchain platforms and financial services for digital payments, crypto trading and staking, wallets, tokenization and smart contracts.

This isn't Wells Fargo's first foray into digital currency technology. The San Francisco-based firm previously tested Wells Fargo Digital Cash's first internally stable coin for cross-border settlements running on its distributed ledger technology platform.

The initiative sought to improve operational efficiency by enabling real-time internal transfers across Wells Fargo's global network, extending business hours and reducing reliance on third-party intermediaries.

WFUSD's trademark registration comes after reports last May that entities jointly owned by JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and other major US banks are looking for a collaborative stablecoin initiative designed to compete with fast-growing digital asset platforms.

JPMorgan has already launched JPMD, a US dollar deposit token for institutional clients that allows 24/7 blockchain settlements on networks like Coinbase's Base. The token represents a bank deposit, earns interest and supports on-chain payments, but remains permissioned, available only to authorized institutions rather than retail users.