PANews reported on March 12th that, according to CoinDesk, Wells Fargo, a major US bank, has filed a trademark application with the US Patent and Trademark Office for the cryptocurrency-related service, named WFUSD. According to the application, WFUSD will offer services such as "cryptocurrency payment processing," "execution of digital asset transactions," and "services featuring asset tokenization software." The name suggests that it could be a deposit token or stablecoin.

Previously in 2019, Wells Fargo disclosed plans to pilot an internal settlement service called "Wells Fargo Digital Cash" running on its proprietary distributed ledger platform.