Major US Banks Build Shared Tokenized‑Deposit Network

Overview

• JPMorgan Chase, Bank of America, Citigroup and Wells Fargo are coordinating a shared interbank network that will issue tokenized deposits that remain legal bank deposits on bank balance sheets.
• The project is designed to give multinational corporations programmable treasury tools, real‑time liquidity management, automated payments and faster cross‑border transfers using on‑chain settlement.
• More than a dozen other banks, including BNY, HSBC, PNC, Santander, TD Bank, Truist and U.S. Bank, have signaled support and The Clearing House plans to make the system available beyond the initial participants.
• Major implementation tasks still open include selecting the underlying blockchain provider, agreeing common operating and settlement standards, and integrating the network with each bank’s existing payment systems.
• Banks are lobbying Congress to tighten stablecoin reward rules under the CLARITY Act and the legislative outcome could shift where companies hold cash and whether deposits flow to banks or to open stablecoins.