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, 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.
Early customers
