Wells Fargo
Established in New York, USA in 1852, Wells Fargo is a diversified financial group with total assets of US$1.9 trillion. In 1998, Northwest Bank acquired the original Wells Fargo Bank and renamed it as the current Wells Fargo Bank. The bank then moved to the old Wells Fargo headquarters in San Francisco.
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Brazilian Market Plunge Draws Bargain Hunters? Wall Street Split on Direction
Odaily reports: Brazilian President Lula's re-election result caught investors off guard. Brazilian markets suffered a sharp selloff at one point, with the real falling about 8% against the US dollar, the largest single-day drop in more than 20 years. However, after the market plunge, Wall Street institutions have diverged in their attitudes toward Brazilian assets: Citigroup closed out bullish positions, Morgan Stanley downgraded Brazilian equities, and JPMorgan also cut its allocation recommendation for the real and local-currency rates; but Wells Fargo believes the market reaction was overdone and recommends buying the real on dips, while GQG Partners is also preparing to buy after the market panic.Some investors believe the pullback in Brazilian asset prices has created investment opportunities, but fiscal risks are still weighing on the market, and investors are waiting for the Lula government to announce its economic team and fiscal plan to judge whether it can push forward fiscal adjustment. Although the real rebounded for two consecutive trading days after the plunge, Brazilian equities continued to fall, and the market has not yet formed a clear reversal signal. (Bloomberg)
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Galaxy Research Head: Some Long-Term Funds Increased Bitcoin ETF Holdings in Q3, SIGFIG Clients Added $73 Million
Odaily reports: Alex Thorn, Head of Research at Galaxy, posted that 13F filings for Bitcoin ETFs are still in the early stages, with most large asset managers and registered investment advisors (RIAs) typically submitting their filings only by the November 16 deadline.However, some long-term funds have already increased their Bitcoin ETF holdings in the third quarter. Wealth management advisory firm SIGFIG Wealth Management submitted its first relevant filing, with its clients adding approximately $73 million worth of Bitcoin ETFs in the third quarter. A significant portion of the firm's assets under management comes from retail client accounts at banks such as Wells Fargo, Citizens, Santander, and UBS.
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Wall Street banks like JPMorgan tighten restrictions on AI agent trading permissions
Odaily reports: Major U.S. banks including JPMorgan, Bank of America, and Citigroup are tightening restrictions on third-party AI agents' access to customer accounts and their ability to execute transactions. Citigroup prohibits unauthorized third-party agents from logging in or trading directly through digital platforms, but allows some approved connections with read-only access to account information.JPMorgan CEO Jamie Dimon said during the October 13 earnings call that external agents should not be allowed unrestricted access to bank systems; Bank of America CEO Brian Moynihan emphasized that payments must be authorized by humans. Wells Fargo's updated access agreement is scheduled to take effect on November 24, distinguishing between viewing financial information and executing transactions. (Bitcoin.com News)
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The number of companies opposing trading on the OKX and ICE tokenized stock platform has risen to 22
a notice updated by OKXICE TSV on October 23 listed 6 newly objecting companies, including Wells Fargo, Cisco Systems, Marvell Technology, Arm Holdings, Moderna, and Intuit. The total number of companies that have raised objections has increased to 22, up from 16 on October 19 and 9 on October 15. The notice did not state the reasons why the companies objected, nor did it explain the impact of the objections on whether the stocks can be traded on the platform.OKXICE TSV is a joint venture owned 50-50 by Intercontinental Exchange and OKX's U.S. holding company, and plans to allow approved users to trade tokenized U.S. stocks around the clock. Trading will be conducted through Uniswap v4 liquidity pools on OKX's XLayer blockchain and settled using stablecoins such as USDC.The notice disclosed that the platform suspends trading only when the underlying stocks are halted, has not set up other circuit breaker mechanisms, and has not established policies for handling issues related to blockchain transaction ordering. Smart contracts can be upgraded without prior notice to users, and the contract controlling trading eligibility has only undergone an internal audit. (Decrypt)
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Microsoft, Google and 22 other publicly listed companies oppose OKXICE stock tokenization trading; industry insiders say it does not represent a rejection of tokenization.
According to CoinDesk, companies such as Microsoft, Google's parent company Alphabet, McDonald's, Goldman Sachs, Wells Fargo, and Cisco have opposed having their stocks traded on OKXICE, the tokenized securities trading platform built in partnership between OKX and the Intercontinental Exchange (ICE). To date, the number of publicly traded companies that have explicitly opposed this has risen to 22.
CoinDesk
Ice Open Network
Wells Fargo, Arm, and six companies oppose OKX and ICE's stock tokenization plan, with the number of opposing companies rising to 22.
According to Reuters, six companies including Wells Fargo, Arm Holdings, and Intuit have recently opposed the listing of their stocks on OKXICE, a stock tokenization platform jointly established by cryptocurrency exchange OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. As of now, the total number of companies raising objections has increased to 22, including tech giants such as Microsoft and Google's parent company Alphabet.
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Opposition from companies to stock tokenization grows to 22 as Wells Fargo, Intuit, and four others join
Odaily reports: Six more companies—U.S. bank Wells Fargo, financial software firm Intuit, and chip design company Arm Holdings—have joined the list of companies opposing the tokenized trading of their shares, bringing the total number of objecting companies to 22. OKXICE, a joint venture between OKX and Intercontinental Exchange (ICE), plans to push forward with tokenized stock trading.OKXICE initially proposed tokenizing 63 stocks and planned to support round-the-clock trading. The interim exemption framework introduced by the U.S. Securities and Exchange Commission (SEC) in September requires that issuers be informed of stock tokenization arrangements in advance and be able to formally raise objections.Andrew Cuomo, a board member of OKX and co-chair of OKXICE as well as former Governor of New York, said some companies may accept tokenization immediately, while others will first observe how things develop. He also noted that investor activity is increasingly crossing borders, while market trading hours remain constrained by traditional time windows. (Bitcoin.com News)
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Goldman Sachs, Wells Fargo, and Morgan Stanley see tokenization as a growth opportunity, but none provided revenue expectations
Odaily reports: On their Q3 earnings calls, Goldman Sachs, Wells Fargo, and Morgan Stanley said they view tokenization as a business growth opportunity, but none provided related revenue expectations. Goldman Sachs is exploring expanding its use of DTCC's tokenization services; Wells Fargo has used tokenized deposits to process cross-border payments, with funds able to reach recipient accounts within two minutes, and is exploring tokenized securities, RWA, and crypto trading services for wealth management clients; Morgan Stanley said tokenization can accelerate and simplify asset transfers, but clients still need investment advice.
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US Comptroller of the Currency: Nine large banks including JPMorgan Chase found to have previously implemented "debanking" policies
According to Bloomberg, a recent report by the Office of the Comptroller of the Currency (OCC) indicates that between 2020 and September 2025, nine major banks—JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, U.S. Bank, Capital One Financial, PNC Financial, Toronto-Dominion Bank, and Bank of Montreal—restricted certain customers from using banking services or required them to undergo more rigorous vetting and approval processes through related policies, a practice known as "debanking." On Wednesday, the Consumer Financial Protection Bureau (CFPB) also stated that it would thoroughly investigate whether the banks named in the report complied with federal consumer financial laws and take appropriate action accordingly.
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U.S. Consumer and Credit Remain Resilient, Q3 Earnings from Four Major Banks Show Active AI Financing Demand
Odaily reports: qinbafrank posted on X platform that Q3 earnings released by JPMorgan, Goldman Sachs, Citi, and Wells Fargo show U.S. consumer spending remains resilient, corporate credit at major banks continues to expand, and actual credit losses have not broadly risen. JPMorgan's credit card spending grew 10% year-over-year this quarter, with a net charge-off rate of 1.27%; JPMorgan, Citi, and Wells Fargo saw average loans grow 10%, 12%, and 11% year-over-year, respectively. Goldman Sachs stated that client demand for computing power exceeds supply, providing opportunities for financing arrangements, but the firm will remain selective on underwriting and capital commitments; JPMorgan's CFO said AI financing demand and project pipeline remain active, while deal pace will be influenced by valuations and market conditions.
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MSX to List WFC Spot and Futures Trading on October 12
according to an MSX announcement, MSX will list WFC (Wells Fargo) tokenized stock on October 12, 2026 (UTC+8), supporting both spot and futures trading. Wells Fargo reported Q2 2026 revenue of $22.622 billion, EPS of $2.00, and net interest income of $12.317 billion, up 5% year-over-year; the company will release its Q3 earnings report on October 13.
Payward in talks to become Wells Fargo's crypto liquidity provider
According to CoinDesk, Payward (Kraken's parent company) is in talks with Wells Fargo to potentially become its crypto liquidity provider. This move reflects the critical technical support role that leading crypto firms are playing as traditional finance expands into digital assets.
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Polymarket Bank Failure Bets Spark FDIC Concerns
According to Bloomberg citing sources familiar with the matter, bets on Polymarket regarding the likelihood of major banks such as Wells Fargo, JPMorgan Chase, and Bank of America collapsing are drawing attention from U.S. regulators and members of Congress. While these contracts currently represent only a small portion of trading on this offshore prediction market platform, some officials fear that expanding trading volumes could exacerbate market panic and fuel real-world bank runs. Polymarket stated that its platform prohibits U.S. users from participating.
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Tether Responds to Partner Bank EQIBank's $89 Million Seizure: Its Own Exposure Less Than 0.034% of Total Assets
Odaily News: Stablecoin issuer Tether stated that its exposure to EQIBank, a Dominica-licensed bank whose assets were seized by U.S. authorities, accounts for less than 0.034% of the group's total assets. Based on Tether's total group assets of $187.75 billion disclosed in June of this year, its maximum exposure to EQIBank is approximately $64 million. However, Tether did not disclose the specific amount and stated that it was previously unaware of the actions of U.S. payment processor Capstone as alleged by the U.S. Department of Justice.According to court documents, EQIBank held and transferred customer funds through Capstone, with the relevant funds deposited in accounts at Wells Fargo and JPMorgan Chase. U.S. prosecutors have seized the funds in these accounts and filed a civil forfeiture lawsuit, alleging that Capstone misrepresented the nature of its business to the banks. EQIBank claims that approximately $89 million in assets were seized, equivalent to about 80% of its monetary assets, and it may face liquidation as a result. EQIBank previously provided banking services to Tether, including processing wire transfers related to USDT purchases and redemptions.Tether's disclosure does not currently indicate a direct threat to its USDT reserves or dollar peg, but it highlights the counterparty risks stablecoin issuers face when accessing and redeeming funds through fiat channels such as banks and payment processors. (CoinDesk)
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98% win rate: 19 linked Polymarket accounts made 42 bets and won 41, with cumulative profits of about $22,000
Odaily reports: A group of 19 interconnected Polymarket accounts concentrated bets over the past several months on the earnings of publicly traded companies audited by KPMG, covering 18 KPMG clients including Wells Fargo, Home Depot, DoorDash, and General Mills. The account cluster placed a total of 42 trades, of which 41 were profitable, for a win rate of 98% and cumulative profits of about $22,000. The related funds had flowed among the 19 accounts, suggesting they may have been controlled by the same person or team. U.S. law enforcement is investigating a KPMG employee suspected of using Polymarket for insider trading; the employee is being investigated for betting on whether listed companies' quarterly results would exceed market expectations. At present, it cannot yet be confirmed that the account cluster is connected to the employee, and the related analysis itself also cannot prove the existence of insider trading. KPMG said it has a zero-tolerance stance toward trading using non-public client information and has strengthened relevant monitoring.
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21 international financial institutions plan to establish a stablecoin company in the second half of 2026, launching a US dollar stablecoin in the first half of 2027
Odaily News: 21 international financial institutions have announced plans to establish a new company in the second half of 2026 to facilitate the issuance of stablecoins, with the specific name to be announced separately. The company will initially focus on US dollar-denominated stablecoins, with future plans to expand to additional G7 currencies, prioritizing the euro stablecoin. Participating institutions include Bank of America, Citi, Morgan Stanley, Goldman Sachs, Deutsche Bank, UBS, Wells Fargo, BBVA, Santander, MUFG Bank, and others. The stablecoin initiative targets wholesale, institutional, and retail markets, with applications in cross-border payments, digital asset settlement, and other scenarios. The group stated that the stablecoin solution will combine bank-grade compliance, governance, and institutional risk management capabilities, and plans to comply with relevant regulatory requirements such as the US GENIUS Act and the EU's MiCA, with the goal of launching stablecoin products in the first half of 2027.
AI anti-fraud company Socure completes $156 million funding round, led by Summit Partners
: AI anti-fraud company Socure announced the completion of a $156 million strategic growth funding round, valuing the company at $5.2 billion. The round was led by Summit Partners, with participation from Wells Fargo, Goldman Sachs Alternatives (under Goldman Sachs), DocuSign, and others. In addition, the company also announced the acquisition of AI startup Fravity, aiming to leverage AI agents for fraud, risk, and compliance investigations. The specific acquisition amount has not been disclosed yet. Its anti-fraud services are currently applied to companies including crypto exchange Coinbase, stablecoin issuer Circle, digital bank Revolut, and Robinhood. (Crunchbase)
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U.S. Large Banking Groups Propose Extending Customer Identification Requirements to Stablecoin Secondary Markets
Odaily News: The Bank Policy Institute (BPI), an organization representing major banks including JPMorgan, Bank of America, Wells Fargo, and Citi, has proposed that the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) expand Customer Identification Program (CIP) requirements to stablecoin secondary markets, covering exchanges and other platforms that establish direct account relationships with retail customers.BPI stated that relevant exchanges and platforms handle a substantial volume of purchasing and selling activity within the payment stablecoin ecosystem, and that the majority of stablecoin-related illicit activity occurs in this space. Should the proposal be incorporated into the rules, affected platforms would be required to collect customer information under the Bank Secrecy Act, and decentralized exchanges could also fall within the regulatory scope.FinCEN's proposed rule notes that secondary market transactions of stablecoins on the blockchain typically involve anonymous or pseudonymous identities, with no centralized node collecting identity information, and that issuers have limited ability to gather customer data from secondary markets. BPI has also joined other banking organizations in opposing the current version of the Digital Asset Market Clarity Act. (Bitcoin.com News)
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Wells Fargo plans to launch tokenized deposits in fall 2026, initially supporting USD and GBP transactions
Odaily News: U.S. banking giant Wells Fargo plans to launch tokenized deposits for select corporate and commercial clients in fall 2026, initially supporting USD and GBP transactions, with plans to expand to more clients and currencies in 2027. Tokenized deposits remain bank liabilities but can enable continuous transfers, programmable payments, faster settlement, and transaction visibility via blockchain. Wells Fargo is not the only bank pursuing this initiative. JPMorgan has already expanded its blockchain-based payment services for institutional clients, and other major financial institutions are developing similar products and shared networks. Meanwhile, the circulation and transaction volume of stablecoins such as USDC continue to grow, and they are already used for settlement across crypto markets, payment networks, and tokenized finance platforms. Tokenized deposits allow funds to remain within the regulated banking system while supporting time-based transfers and condition-triggered payments. Stablecoins, on the other hand, already cover trading, remittance, cross-border payments, decentralized finance, and tokenized asset settlement. Enterprise adoption of both product types will also be influenced by accounting treatment, regulatory rules, and cross-network interoperability.
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Robinhood Launches $200 Million RVII Fund, Focusing on Y Combinator Seed-Stage Startups
According to Tech Funding News, Robinhood announced filing an IPO application for its second venture capital fund, Robinhood Ventures Fund II (RVII), planning to raise up to $200 million, issuing 7.6 million shares, priced at $25 per share, expected to list on the New York Stock Exchange under the ticker "RVII" on August 13. RVII will focus on investing in seed-stage startups founded by Y Combinator incubatees or alumni, currently holding equity in 80 private companies. Unlike the first fund (RVI), RVII charges a 2% annual management fee and a 20% performance incentive fee, with a comprehensive annual fee rate of approximately 4.18%; Robinhood itself classifies the fund as a "speculative" product, offering no shareholder redemption rights. Goldman Sachs serves as the lead underwriter, with Citigroup, JPMorgan Chase, UBS, and Wells Fargo as co-underwriters; the subscription window will close on August 12.
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