Wells Fargo is signaling a deeper move into digital assets after filing a U.S. trademark for “WFUSD.” The application, submitted March 9 to the U.S. Patent and Trademark Office, covers software for crypto trading, payments, digital wallets, and tokenization platforms.

The filing spans several areas of crypto infrastructure. It includes tools for processing stablecoin transactions, operating digital asset exchanges, and offering software-as-a-service for tokenizing assets and running blockchain-based payment systems. The name WFUSD resembles the ticker style used for dollar-pegged stablecoins, leading some analysts to speculate it could eventually represent a tokenized deposit or stablecoin product.

The move fits into a broader trend among major banks exploring blockchain-based finance. JPMorgan previously filed a similar trademark before launching its JPMD tokenized deposit product.

This story is an excerpt from the Unchained Daily newsletter.

Wells Fargo has already been quietly building exposure to the sector. Its venture arm invested $5 million in blockchain analytics firm Elliptic in 2020 and joined a $105 million funding round for crypto trading infrastructure firm Talos in 2022.

The bank has also described digital assets as “viable investments” and potential portfolio diversifiers, signaling that traditional finance continues to build crypto infrastructure despite volatile markets.