Major US Banks Unite on Tokenized Deposit Network for 2027 Launch

Major US banks are joining forces to launch a shared tokenized deposit network by 2027. The new system will connect existing bank payment rails with blockchain infrastructure, enabling real-time payments and around-the-clock settlement.

The Clearing House, owned by JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and other major commercial banks, will run the system. This move comes as banks watch crypto firms compete more directly in payments, and concerns about stablecoins pulling deposits away from lenders grow.

Tokenized deposits on the network could move instantly and settle around the clock, keeping the same credit risk profile, regulatory treatment, and accounting approach as traditional deposits. Large multinational companies are expected to be among the first users of the network, with potential uses including programmable treasury operations, real-time liquidity management, and cross-border payments.