US Banks Collaborate on Blockchain-Based Deposit Network

Major US banks are joining forces to develop a blockchain-based tokenized deposit network, which could potentially challenge the growth of stablecoins.

The Clearing House, a payments company owned by major U.S. banks, is leading the initiative.

The new system would allow customers to make fast and secure 24/7 payments while keeping their funds within traditional banking systems.

The project targets stablecoins directly, which have grown rapidly in popularity over the past two years, reaching a market value of $322 billion.

By creating a shared network that combines blockchain efficiency with existing banking protections, major banks aim to adapt to the changing landscape and maintain their deposit business.