Banks such as JPMorgan Chase, Bank of America, and Citigroup plan to launch a shared tokenized deposit network through The Clearing House in the first half of 2027, enabling blockchain-based, 24/7 settlement of bank deposits. The initiative aims to compete with stablecoins like USDC and USDT by keeping customer funds within the regulated banking system while offering similar speed and efficiency for payments and transfers. Analysts note that this reflects banks’ concerns about stablecoins potentially eroding core deposits, as well as the broader trend of traditional finance adopting blockchain technology.
Major U.S. banks plan to launch a tokenized deposit network by 2027.
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Summary
Major U.S. banks, including JPMorgan Chase, Bank of America, and Citigroup, plan to launch a tokenized deposit network through The Clearing House by mid-2027. The network upgrade will enable 24/7 blockchain-based settlement of deposits, aiming to compete with stablecoins such as USDC and USDT. The announcement underscores efforts to retain deposits and integrate blockchain technology into the regulated financial system.
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