Big US banks launch Tokenised deposit network to fight off Stablecoin threats

By Matthew Griffin Connected Society 15th May 2026

WHY THIS MATTERS IN BRIEF

Tokenised bank deposits could blunt the stablecoin threat and keep programmable money inside the regulated banking system.

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The largest US banks are building their own blockchain payment network, a direct response to crypto firms that are pushing deeper into core banking territory under a crypto-friendly Trump administration. JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and other major commercial banks plan to launch a tokenised deposit network in the first half of 2027. The network will be operated by The Clearing House, the real-time payment company co-owned by the same banks. A blockchain vendor has not yet been chosen.

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The Clearing House CEO told The Wall Street Journal the industry faces a “radically different” future around on-chain payments and finance, calling the move “a big move for the banks.”

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The network will connect traditional payment rails with digital asset infrastructure, allowing tokenised deposits to settle instantly across a blockchain around the clock. The Clearing House expects large multinational corporations to be the primary early adopters, with use cases spanning programmable treasury operations, real-time liquidity management and cross-border payments.

Banks have been bracing for stablecoin competition for some time, particularly as pending legislation left room for interest-like structures on stablecoins, which is a feature banks oppose. Tokenized deposits offer a path around that threat. Unlike stablecoins, tokenised deposits are simply traditional bank deposits represented as digital tokens. They carry the same credit-risk profile, regulatory treatment and accounting standards as conventional deposits, and they keep funds inside the banking system.

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Citi’s head of services, , said the network represents “another step that effectively cements” the role banks play in financing, money management and capital markets.

Not everyone is treating this as an urgent market need. Bank of America’s head of global payments solutions, Mark Monaco, acknowledged that clients aren’t necessarily “beating down the door” for tokenised deposits, but said the network would ensure banks are positioned when demand builds. “With any sort of new adoption, it takes time,” Monaco said.

JPMorgan already runs an internal tokenised deposit system called JPM Coin and recently extended a version of that product to Base, a public blockchain connected to Coinbase, for institutional clients. The new Clearing House network would put that capability in reach of banks across the US.

The banks have not ruled out issuing stablecoins if demand emerges. For now, the tokenised deposit network is the industry’s answer — and its opening move in a payments landscape that is changing faster than anyone expected.

How do tokenised deposits differ from stablecoins?
Tokenised deposits are ordinary bank deposits represented as digital tokens, so they keep the same regulation, accounting and credit protections, and the money stays inside the banking system, unlike most stablecoins.

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Matthew Griffin is a multi-award winning Futurist and expert in Disruption and Innovation, Geopolitics, Leadership, and Technology, who NASA have described as a "walking encyclopaedia of the future" and a "futurist Polymath." 15-time best selling author of the "Codex of the Future" series, Matthew is the Founder and Futurist in Chief of the 311 Institute, a global Futures and Deep Futures advisory firm working with royal households, world leaders, G7, G20, and G77 governments, NGOs, and multi-national mid and mega cap firms to help them explore, shape, and lead the next 50 years of business and society.

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