U.S. Major Banks Set Up Tokenized Deposit Network for 2027

A coalition of the United States' largest commercial banks – JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and others – will launch a shared tokenized‑deposit network operated by The Clearing House. The system, targeted for the first half of 2027, will allow tokenized deposits to move instantly on a blockchain, offering round‑the‑clock settlement while keeping the underlying funds within the regulated banking system.

The network is presented as a response to growing stablecoin competition, providing a regulated alternative that retains the same credit‑risk profile and accounting treatment as traditional deposits. Early adopters are expected to be large multinational corporations seeking programmable treasury operations, real‑time liquidity management and cross‑border payments. A blockchain vendor has not yet been selected, and the banks have not ruled out issuing stablecoins if demand emerges.

Bank executives say the initiative is a strategic move to maintain banks' role in finance as the on‑chain payments landscape evolves, with the Clearing House CEO describing it as “a big move for the banks.”