US Banks Unite to Build Shared Network for Instant Tokenized Deposits

The largest banks in the US are building a shared network to let corporate clients move tokenized deposits around the clock, seven days a week. This project, coordinated through The Clearing House, is targeting a first half 2027 launch.

The phrase 'tokenize everything' has been a crypto industry talking point since at least 2018. But for most of that time, institutions controlling global financial infrastructure treated it as a science project. Now, that dynamic has shifted in the first half of 2026.

JPMorgan Chase expanded its Kinexys deposit token network, while Wells Fargo committed to tokenized deposits for corporate clients. BlackRock filed to expand its tokenized money market fund lineup, and Mastercard added stablecoin settlement rails.

The shared network being built by JPMorgan, Citigroup, Bank of America, and Wells Fargo will allow corporate clients to move tokenized deposits between participating banks on a 24/7 basis. Tokenized deposits are not the same as stablecoins: they remain a liability of the issuing bank, but can settle in seconds instead of hours.

The Clearing House provides the coordination layer for the shared network, using an existing industry utility rather than a single bank's proprietary infrastructure.