US banks to launch tokenized deposit network by 2027

JPMorgan, Citi, Bank of America, Wells Fargo and other leading US banks announced that, through The Clearing House, they will build a tokenized deposit network expected to be operational by mid‑2027. The system will place blockchain‑based tokens on the existing real‑time payments (RTP) rail, giving corporate treasuries faster, programmable and 24‑hour settlement for liquidity management, cross‑border transfers and inter‑company cash moves. Executives said the effort is “not about competing on customer experience… it’s about owning the rails that move money.”

The Clearing House’s chief strategy officer highlighted cross‑border payments as the primary use case, noting that multinational firms seek seamless movement of funds across banks. The network aims to automate treasury functions, integrate with enterprise software and enable single‑instruction token swaps between institutions. While the initiative targets large corporates, smaller banks may face integration costs, raising concerns about possible exclusion from the new infrastructure.