Wells Fargo just announced it will launch a US dollar-linked stablecoin, making it the latest financial titan to get in on cryptocurrency.

Wells Fargo Digital Cash the very creative name for Old Man Fargos tokenized dollars will launch next year. Wells Fargos proprietary digital ledger tech (DLT) will allow users to move money internally across the firms global network in near real-time.

Wells Fargo isnt the only big bank digging the digidollar. JPMorgan launched JPM Coin earlier this year and its likely other banks will follow suit with tokens and networks of their own.

In its early days, the unregulated nature of cryptocurrency networks created concerns that it would enable tax evasion, money laundering, and other darknet activities (talk about naughty bits).

But banks are discovering that blockchain-based technologies allow instantaneous payment transfers.

And in an increasingly global economy, this is especially attractive because businesses can move funds outside of normal operating hours while cutting the time and costs associated with such transactions and eliminating the need for middlemen.

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Wells Fargo makes it official: Big banks are getting in on cryptocurrency - The Hustle