Major US Banks to Launch Blockchain-Based Deposit Network by 2027

JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo are spearheading a collaborative effort to tokenize customer deposits on a shared blockchain network. The initiative, overseen by The Clearing House, targets a 2027 launch and aims to enable round-the-clock transfers of tokenized deposits.

The move signals growing institutional adoption of blockchain technology, with banks seeking to counter the rise of stablecoins. Tokenized deposits differ from stablecoins by being directly backed by bank balance sheets, offering a regulated alternative for digital payments.

Corporate clients are expected to be early adopters of the network, which could reshape competition in the digital payments landscape. The Clearing House CEO David Watson framed the project as a necessary evolution for traditional finance in an increasingly on-chain world.