JPMorgan, Citi-backed Clearing House plans tokenized deposit network in 2027: WSJ
Some of the biggest US banks are planning to launch a tokenized deposit network in the first half of 2027 to compete with blockchain firms moving into finance. The network, to be run by The Clearing House, would connect bank payment rails with digital asset infrastructure and enable 24/7 settlement. The goal is to keep deposits within regulated banking channels while adding the speed and programmability that make stablecoins useful for payments and treasury functions. The project reflects banks’ broader pushback against crypto legislation that could let stablecoin issuers pay yield, which banks argue resembles interest-bearing deposits. JPMorgan CEO Jamie Dimon has said banks will fight the current CLARITY Act and that crypto firms offering yield products should seek banking charters. Other Wall Street firms are also advancing tokenization, including NYSE, Nasdaq, and ICE, while South Korea is piloting tokenized deposits for government spending.
