JPMorgan, Bank of America, Citigroup, Wells Fargo and HSBC plan to link tokenized bank deposits through The Clearing House for wholesale payments and liquidity management amid rapid stablecoin growth.
JPMorgan, Bank of America, Citigroup, Wells Fargo and HSBC are set to create a joint network run by The Clearing House to connect tokenized bank deposits. Bloomberg reported the system is planned to launch next year and is aimed at wholesale payments and liquidity management, as banks respond to rapid stablecoin growth led by USDT and USDC. The effort points to a broader push by large lenders to use tokenization (turning traditional assets into digital blockchain-based representations) to modernize how money moves between institutions while competing with private digital dollar networks.