US Banks Unite to Launch Regulated Blockchain Network

Major US banks are investing heavily in blockchain technology as they seek to stay ahead of the curve in an increasingly digital financial landscape.

The four largest US banks - JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo - have joined forces to develop a deposit token network that will enable near-instant settlement while maintaining regulatory oversight.

Unlike stablecoins, which are issued by private companies and not directly insured by the FDIC, deposit tokens remain on the issuing bank's balance sheet and offer the same level of protection as traditional accounts.