US Major Banks Plan Blockchain Tokenized Deposit Network for 2027

Major U.S. banks—including JPMorgan Chase, Citigroup, Bank of America and Wells Fargo—are collaborating under The Clearing House to develop a blockchain‑based payments network slated for launch in 2027. The system will allow participating banks to transfer tokenized versions of customer deposits on a 24/7 basis, with The Clearing House operating the network and a blockchain provider yet to be selected. Tokenized deposits are digital representations of actual bank balances, differentiated from stablecoins, and are intended to keep liquidity within the regulated banking sector. The move reflects heightened competition from stablecoins and concerns tied to the ongoing CLARITY Act legislation. Early use is expected to target large multinational corporations for cross‑border payments and liquidity management. David Watson, CEO of The Clearing House, called the initiative a “major step” for banks, while Citigroup’s Shahmir Khaliq said it will strengthen banks’ capital‑markets position. Bank of America’s Mark Monaco noted limited current demand but acknowledged growing interest. JPMorgan brings experience from its JPM Coin and a deposit token on Coinbase’s Base blockchain.