US Banks Unite Against Stablecoin Rival

Four major US banks - JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo - are working together to create a shared tokenized deposit network. This project, led by The Clearing House, aims to bring round-the-clock blockchain payments to the regulated US banking system.

The network will allow participating institutions to clear and settle tokenized deposits at any time while connecting blockchain-based activity with existing payment rails. Tokenized deposits represent claims against money held at a commercial bank and will receive the same legal treatment as conventional deposits.

The initiative has received support from over a dozen other institutions, including BNY, HSBC, PNC, Santander, TD Bank, Truist, and U.S. Bank. A blockchain provider has not yet been selected, but the target for launch is the first half of 2027.