Major US banks plan tokenized deposit network by 2027 to compete with stablecoins

JPMorgan Chase, Bank of America, Citigroup and other major lenders said Friday that they plan to launch a shared tokenized deposit network through The Clearing House by the first half of 2027.

The project would allow bank deposits to move across blockchain infrastructure with round-the-clock settlement, giving traditional bank money some of the same capabilities that have helped stablecoins gain traction.

The move highlights the growing competition to become the preferred form of cash on blockchain networks.