JPMorgan · Wall Street · White House · The Block
JPMorgan, Citi-backed consortium is set to launch tokenized deposit network in early 2027: WSJ
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Major U.S. banks reportedly plan to launch a tokenized deposit network as soon as the first half of 2027, in Wall Street's latest effort to integrate blockchain into traditional finance.
Key facts
- The Block has reached out to the Clearing House, JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo for comment
- Clearing House CEO David Watson told the WSJ that the initiative marks a "big move for the banks," adding that the industry faces a "radically different" future built around onchain payments
- Major U.S. banks reportedly plan to launch a tokenized deposit network as soon as the first half of 2027, in Wall Street's latest effort to integrate blockchain into traditional finance
- According to a Thursday report from the Wall Street Journal, the network is expected to be operated by the Clearing House, a private-sector payments company owned by a consortium of major banks
Summary
According to a Thursday report from the Wall Street Journal, the network is expected to be operated by the Clearing House, a private-sector payments company owned by a consortium of major banks, including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and others. The planned platform, dubbed as "the bridge" by some banks and "the chain" by others, would enable tokenized deposits to move instantly and support around-the-clock settlement. Clearing House CEO David Watson told the WSJ that the initiative marks a "big move for the banks," adding that the industry faces a "radically different" future built around onchain payments and finance. The network's early users are expected to be large global companies seeking to streamline payments and treasury operations.