Tokenized Deposits Set Up Banking's Next Network Race

Major U.S. banks including JPMorganChase, Bank of America, Citi, and Wells Fargo are backing a shared tokenized deposit network operated by The Clearing House, targeted for launch in the first half of 2027. Tokenized deposits remain bank liabilities on balance sheets, preserving regulatory structure while enabling programmable treasury operations, liquidity management, and cross-border payments. The network positions tokenized deposits as a competitor to stablecoins for digital dollar infrastructure.