US Banks Unite on Shared Tokenized Deposit Network for 2027

Major US banks, including JPMorgan Chase and Citigroup, are collaborating on a shared tokenized deposit network set to launch in the first half of 2027. The network will enable instant, round-the-clock settlement between banks, extending traditional business hours for bank transfers.

The project is built on the Clearing House, a private payments firm owned by the participating banks. This effort aims to simplify treasury operations and handle cross-border payments, liquidity management, and other financial tasks.

JPMorgan Chase's dollar-denominated deposit token, JPM Coin, has already been launched for institutional clients on the Base layer-2 network. Other lenders have followed similar paths in tokenizing deposits, with some issuing blockchain-based records of client holdings.