JPMorgan, Citi-backed Clearing House plans tokenized deposit network in 2027: WSJ
Some of the largest banks are reportedly launching a tokenized deposit network in early 2027 in response to growing competition from stablecoin companies entering TradFi.
Some of the largest US banks are reportedly planning to launch a tokenized deposit network in the first half of 2027 in response to growing competition from blockchain companies expanding into traditional finance.
The network will be operated by The Clearing House, the bank-owned payments operator, and will connect traditional payment rails with digital asset infrastructure for 24/7 settlement, CEO David Watson told The Wall Street Journal.
The Clearing House is co-owned by some of the largest US banks, including JPMorgan Chase, Bank of America, Citibank, Barclays, BNY and Wells Fargo, among others, according to its website.