JPMorgan, Bank of America, Citigroup and Wells Fargo are developing a The Clearing House-run system for 24/7 tokenized deposit transfers as banks also press lawmakers over stablecoin rules.
JPMorgan, Bank of America, Citigroup and Wells Fargo are working with The Clearing House on a shared tokenized deposit network targeted for launch in the first half of 2027. The planned system would allow participating banks to clear and settle tokenized deposits around the clock while linking blockchain-based activity with existing payment rails, initially for multinational companies seeking programmable treasury, real-time liquidity management, automated payments and cross-border transfers. The project has backing from more than a dozen other institutions, including BNY, HSBC, PNC, Santander, TD Bank, Truist and U.S. Bank. Banks are pursuing the initiative as they also push for tighter stablecoin reward restrictions under the CLARITY Act, highlighting a broader contest between bank-based tokenized money and crypto-native payment rails.