JPMorgan, Citi-backed Clearing House plans tokenized deposit network in 2027: WSJ

Written by Zoltan Vardaistaff writerReviewed by Bryan O'Sheastaff editorWritten by Zoltan Vardaistaff writerReviewed by Bryan O'Sheastaff editorJPMorgan, Citi-backed Clearing House plans tokenized deposit network in 2027: WSJLatest NewsPublishedJun 5, 2026Some of the largest banks are reportedly launching a tokenized deposit network in early 2027 in response to growing competition from stablecoin companies entering TradFi.Some of the largest US banks are reportedly planning to launch a tokenized deposit network in the first half of 2027 in response to growing competition from blockchain companies expanding into traditional finance. The network will be operated by The Clearing House, the bank-owned payments operator, and will connect traditional payment rails with digital asset infrastructure for 24/7 settlement, CEO David Watson told The Wall Street Journal.The Clearing House is co-owned by some of the largest US banks, including JPMorgan Chase, Bank of America, Citibank, Barclays, BNY and Wells Fargo, among others, according to its website.The plan shows how banks are trying to keep deposits inside regulated banking channels while offering some of the speed and programmability that have made stablecoins attractive for settlement and treasury use.Cointelegraph reached out to The Clearing House for comment but had not received a response by publication.US banks have pushed back against US crypto market legislation, which could allow stablecoin issuers to pay users yield on their holdings, similar to interest on traditional bank deposits.The report comes after JPMorgan CEO Jamie Dimon said that the banking industry would continue to “fight” against the current version of the Digital Asset Market Clarity Act (CLARITY) and said that crypto companies that want to offer yield-bearing products should apply for banking charters, Cointelegraph reported in late May.The comments followed a May committee vote to advance the CLARITY Act in the Senate Banking Committee, but th…

JPMorgan, Citi-backed Clearing House plans tokenized deposit network in 2027: WSJ

Coins in this story

Related stories

Forward Industries moves $32M in SOL amid $1B paper loss

U.S. job growth blows past forecasts, setting stage for Fed rate hikes

Arthur Hayes dumps zcash holdings after Orchard Pool vulnerability revealed