JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo are developing a shared tokenized deposit network. The Clearing House will operate the blockchain-based system.
The participating banks scheduled the launch for the first half of 2027. The network provides instant, 24/7 settlement for high-volume payments.
The initiative counters competition from stablecoins and private crypto firms. These tokenized deposits remain within the regulated banking framework as digital representations of actual funds.
Multinational corporations will initially use the platform for cross-border payments. The system also enables real-time liquidity management for large-scale users.