Anchorage Brings Traditional Bank Money onto Blockchain with Tokenized Deposits

Anchorage Digital is expanding its offerings with a new platform that allows banks to issue tokenized deposits on blockchain networks. This move brings traditional bank money onto blockchain rails, joining efforts by financial institutions to speed up payments and settlements.

The platform will provide a parallel layer of infrastructure alongside existing banking systems, allowing banks to offer round-the-clock payments without replacing their core systems. Anchorage Digital CEO Nathan McCauley noted that 'many' banks are interested in tokenized deposits and exploring how to implement them.

This move comes as America's biggest banks, including JPMorgan, Citi, and Bank of America, plan to build a shared tokenized deposit network by the first half of 2027. Blockchain infrastructure firm BitGo is also working with ZKsync on tokenized deposit infrastructure to bring banks onto blockchain.