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JPMorgan, Citi and America’s Biggest Banks Plan Tokenized Deposit Network: Report
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The largest U.S. banks are reportedly planning a joint tokenized deposit network set to launch in 2027, positioning regulated bank money directly against stablecoins.
Key facts
- Citigroup has also moved forward with Citi Token Services, integrating tokenized liquidity with 24/7 USD clearing for cross-border instant payments
- The bank’s JPM Coin, also referred to as JPMD, launched on Coinbase’s Base network in late 2025 for institutional clients and has since expanded toward the Canton Network in 2026
- A separate consortium called the Cari Network, involving regional banks including Huntington, First Horizon, KeyCorp, M&T, and Old National, is targeting a customer-facing tokenized deposit network
- According to a Wall Street Journal (WSJ) report, JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and other major commercial banks are backing the effort through The Clearing House
Summary
The Wall Street Journal reports JPMorgan, Citi, BofA and Wells Fargo plan a tokenized deposit network via The Clearing House by 2027. JPMorgan’s JPM Coin already runs on Coinbase’s Base for institutional clients, giving it a head start over the broader consortium. The Cari Network, backed by five regional banks, targets a separate retail-facing tokenized deposit launch in Q4 2026. According to a Wall Street Journal (WSJ) report, JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and other major commercial banks are backing the effort through The Clearing House, a real-time payment network operator co-owned by those same institutions.