US Banks Unite on Blockchain Infrastructure for Tokenized Deposits

The largest US banks are set to launch a shared blockchain infrastructure for tokenized deposits, a move that could significantly reshape financial markets.

According to reports, JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and several other major lenders have confirmed plans to build the shared network through The Clearing House. The initiative aims to allow bank deposits to be transferred across blockchain rails with 24/7 settlement, giving traditional banks capabilities that stablecoins currently possess.

The GENIUS Act, signed into law in July 2025, played a crucial role in enabling this move by establishing the first US federal framework for payment stablecoins. This legislation legitimized stablecoins and forced banks to treat them as permanent fixtures rather than experiments.

The OCC, Treasury, and FDIC quickly introduced implementing rules and comment periods after the GENIUS Act was signed into law, further shifting the legal landscape and prompting banks to respond. Over half of the 25 largest US banks are currently experimenting with tokenization, custody, or stablecoin-related products.

The Depository Trust & Clearing Corporation (DTCC), which underpins US securities settlement and holds custody of more than $114 trillion in assets, plans to begin live production trading of tokenized securities through its DTC unit in 2026. Digital Asset, the developer of the Canton Network, serves as the primary blockchain infrastructure provider for this initiative.