American's biggest banks are launching a shared tokenized network next year to fight back against the potential threat of stablecoins eating into their deposits.

The initiative would enable tokenized deposits to move instantly and support around-the-clock settlement, the Wall Street Journal reported.

The largest U.S. banks are planning a tokenized deposit network, positioning regulated bank money directly against stablecoins.

JPMorgan, Citi and Big Banks Plan New Tokenized Deposit System to Answer Crypto

American's biggest banks are launching a shared tokenized network next year to fight back against the potential threat of stablecoins eating into their deposits.

JPMorgan, Citi and Big Banks Plan New Tokenized Deposit System to Answer Crypto

JPMorgan, Citi, Bank of America and other financial giants are planning a tokenized deposit system for early 2027 to meet the growing competition from stablecoin companies.

JPMorgan, Citi, BofA, and Wells Fargo are building a shared tokenized deposit network via The Clearing House targeting H1 2027, with more than a dozen banks joining.

JPMorgan, Citi and Big Banks Plan New Tokenized Deposit System to Answer Crypto

JPMorgan, Citi, Bank of America, and Wells Fargo plan to launch a shared tokenized deposit network by first half of 2027, overseen by The Clearing House.

The traditional banking industry has a long history of consortium blockchain systems that haven’t fared well.

America’s biggest banks are launching tokenized deposits to compete with stablecoins, opening a new front in the race to become the dominant form of cash on blockchain networks.