JPMorgan, Citi-Backed Banks Plan Tokenized Deposit Network for Early 2027: WSJ

Major U.S. banks are reportedly planning to launch a tokenized deposit network as soon as the first half of 2027, in Wall Street's latest effort to bring 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 "the bridge" by some banks and "the chain" by others, in a naming dispute that doubles as a proof-of-concept for institutional consensus — 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.

The network's early users are expected to be large global companies looking to streamline payments and treasury operations. The platform could support 24/7 liquidity movement, cross-border payments, and treasury management, the report said.

The initiative is part of an ongoing tokenization push by major banks. In November 2025