Major U.S. Banks Launch Tokenized Deposit Network to Counter Crypto Stablecoin Threat
By
PYMNTS
Summary
Major U.S. banks including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are launching a tokenized deposit network built on blockchain technology. This initiative is a direct response to crypto firms expanding into traditional banking services under a crypto-friendly Trump administration. The network aims to leverage blockchain for faster, more efficient payments while keeping deposits within the regulated banking system, countering the threat posed by stablecoins and decentralized finance platforms.
Source
Twitter / XMajor U.S. Banks Launch Tokenized Deposit Network to Counter Crypto Stablecoin Threatpymnts.comKey quotes
· 2 pulledThe largest U.S. banks are building their own blockchain payment network, a direct response to crypto firms that are pushing deeper into core banking territory under a crypto-friendly Trump administration.
JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and other major commercial banks plan to launch a tokenized deposit network
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