JPMorgan Chase and three other major U.S. banks plan to launch a shared tokenized deposit network in the first half of 2027

: JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are collaborating to build a shared tokenized deposit network, to be operated by The Clearing House, a payments company jointly owned by large banks. The project aims to convert commercial deposits into tokens that can be transferred among member banks on a 24/7 basis, with a target launch date in the first half of 2027. The initial users of the network will be multinational corporations, with product offerings including programmable treasury management, real-time liquidity management, and cross-border payments. David Watson, CEO of The Clearing House, described the project as a significant initiative for the banks. JPMorgan's Kinexys platform currently processes an average daily volume of over $7 billion, with a total transaction volume exceeding $4 trillion since its launch. Citi Token Services is already operational in the United States, the United Kingdom, Singapore, and Hong Kong, transferring billions of dollars through Citigroup's own network.