Top U.S. Banks to Launch Tokenized Deposit Network by 2027

Major U.S. banks including JPMorgan Chase, Citigroup, Bank of America and Wells Fargo are planning a joint tokenized deposit network under The Clearing House with a target launch in 2027. The network will record and transfer commercial bank deposits on distributed ledgers while keeping funds inside the regulated banking system.

The project is being organized through The Clearing House, a payments operator owned by several large banks. Participating institutions expect the network to link traditional payment rails with blockchain infrastructure, enable 24/7 settlement and add programmable payment functions for institutional use cases.

Several banks have already developed tokenized deposit products. JPMorgan launched JPM Coin on the Base blockchain for institutional clients in late 2025 and extended it toward the Canton Network in 2026. Citigroup has built Citi Token Services to connect tokenized liquidity with continuous USD clearing for cross-border instant payments.

A separate consortium of regional lenders formed the Cari Network to target retail tokenized deposits. That group plans a pilot in the third quarter of 2026 and aims for a customer launch in the fourth quarter of 2026, focusing on consumer-facing use cases while the Clearing House project concentrates on wholesale and institutional flows.

Tokenized deposits are commercial bank deposit claims recorded on distributed ledgers and backed one-for-one by reserves held at the issuing bank. They can be structured to meet anti-money‑laundering and know‑your‑customer requirements and may qualify for FDIC insurance up to statutory limits. Stablecoins are typically issued by non-bank firms and backed by cash, short-term Treasuries or other assets held in custody outside the bank deposit system.

Banks involved say the Clearing House network is intended mainly for large-value and institutional settlement. Market participants expect tokenized deposits and stablecoins to coexist, with tokenized deposits serving regulated banking applications and stablecoins remaining used in decentralized finance, retail innovation and cross-chain composability.

Industry participants note that routing significant volumes of transactions onto bank-linked blockchain rails could increase demand for settlement systems, oracle services and interoperability tools. Banks developing tokenized deposits aim to offer on-chain, programmable forms of bank money while keeping customer funds within the regulated deposit framework.