JPMorgan Chase, Citigroup, and other major US banks plan to jointly build and share a tokenized deposit network

On June 5, according to Cryptopolitan, major US banks including JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo plan to launch a shared tokenized deposit network through a clearinghouse in early 2027. This system will allow banks to achieve real-time, round-the-clock settlement of deposits on the blockchain while keeping funds within the regulated banking system. Tokenized deposits differ from stablecoins as they represent actual bank deposits recorded on the blockchain, rather than independent digital assets, preserving the existing credit risk status and regulatory and accounting frameworks of banks. Shahmir Khaliq, head of Citi Services, stated that the network is another step towards positioning banks strongly in capital markets and financing.