JPMorgan, Citi, Bank of America, and Wells Fargo Plan Tokenized Deposit Network Launch in Early 2027

Jun 5, 2026

JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, and other major U.S. banks plan to launch a tokenized deposit network in the first half of 2027, operated by The Clearing House. The initiative represents Wall Street's most coordinated response to stablecoins, driven by concerns that CLARITY Act stablecoin yield provisions could enable direct competition with bank deposit rates. JPMorgan CEO Jamie Dimon publicly opposed these provisions two weeks before June 5, 2026.

Tokenized deposit network launch

▪The tokenized deposit network is internally referred to as "the bridge" by some banks and "the chain" by others.
▪The Clearing House CEO David Watson said the tokenized deposit network initiative represents "a big move for the banks."
▪Citigroup's Shahmir Khaliq said the tokenized deposit network "effectively cements" the role banks play in financing, money management, and capital markets.
▪The tokenized deposit network will be operated by The Clearing House, the real-time payments company jointly owned by the participating banks.
▪A blockchain vendor has not yet been selected for the tokenized deposit network.
▪JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, and other major US commercial banks plan to launch a tokenized deposit network in the first half of 2027.
▪The tokenized deposit network will enable tokenized deposits to move instantly and support 24/7 settlement, connecting traditional bank payment rails with blockchain infrastructure.

Tokenized deposits versus stablecoins

▪Tokenized deposits have the same credit risk profile, regulatory treatment, FDIC eligibility, and accounting approach as traditional deposits.
▪The tokenized deposit network initiative represents Wall Street's most coordinated competitive response to stablecoins to date.
▪Tokenized deposits represent actual bank deposit claims recorded on a blockchain, backed one-for-one by reserves held at the issuing bank.

CLARITY Act competitive context

▪JPMorgan CEO Jamie Dimon called Coinbase CEO Brian Armstrong "full of sh*t" in relation to the CLARITY Act stablecoin yield provisions.
▪JPMorgan CEO Jamie Dimon publicly opposed the stablecoin yield provisions in the CLARITY Act two weeks before June 5, 2026.

Existing bank tokenization initiatives

▪JPMorgan launched JPM Coin (JPMD) on Coinbase's Base Layer 2 for institutional clients in late 2025.
▪BNY launched its own tokenized deposit service for institutions in January 2026.
▪Citigroup has built Citi Token Services for cross-border instant payments.
▪The Cari Network has a pilot planned for Q3 2026 and customer launch in Q4 2026.
▪A separate consortium of regional lenders formed the Cari Network to target retail tokenized deposits.

Institutional adoption outlook

▪The Clearing House CEO David Watson said the banking industry faces a "radically different" future built around onchain payments and finance.
▪Bank of America's head of global payments Mark Monaco acknowledged that clients aren't necessarily "beating down the door" for tokenized deposits.
▪Bank of America's head of global payments Mark Monaco said the tokenized deposit network would ensure banks are positioned when demand builds.