Major US Banks Including JPMorgan, Citi and BofA Plan Shared Tokenized Deposit Network - "The Defiant"

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Four of the largest US commercial banks — JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo — are building a shared tokenized deposit network through The Clearing House, the bank-owned payments company, according to a joint press release published Friday. The initiative, which The Wall Street Journal first reported, targets a first-half 2027 launch.

The participant roster is broader than earlier reporting suggested. BNY, BMO, Citizens Financial, Fifth Third, HSBC, Huntington, KeyBank, PNC, Regions, Santander, TD Bank, Truist, and U.S. Bank are all named in the release. A blockchain vendor has not yet been selected.

The platform will enable on-chain clearing and settlement of tokenized deposits between participating banks, supporting 24/7 settlement and automated payment workflows. It will also serve as a connectivity layer linking blockchain activity to existing fiat rails, including The Clearing House's own RTP® and CHIPS® networks, which together clear and settle more than $2 trillion daily.