Major U.S. Banks to Launch Tokenized Deposit Network in 2027

Major U.S. banks including JPMorgan Chase, Bank of America, Citigroup and Wells Fargo plan to launch a Clearing House-operated network that will move tokenized deposits on-chain and support instant, 24/7 settlement, targeting initial availability in the first half of 2027.

The network will be run by the Clearing House, a private-sector payments firm owned by a group of large banks. Participating institutions expect tokenized representations of customer deposits to transfer directly between banks and to clear and settle outside traditional banking hours. Early users are expected to be large multinational companies seeking faster payments and streamlined treasury operations.

Planned features include continuous liquidity movement, faster cross-border transfers and treasury-management tools that run on blockchain infrastructure. Banks say keeping deposit balances represented as transferable tokens on distributed ledgers can reduce the time and operational steps needed to move large sums between corporate accounts and across jurisdictions.

Banks involved have set a target of the first half of 2027 for initial availability. Wider rollout will depend on testing, interoperability work and operational readiness. Details on pricing, access rules and regulatory oversight have not been disclosed.

Several institutions have already tested tokenized-deposit technology. JPMorgan launched a U.S. dollar deposit token for institutional clients in November 2025 on a Layer 2 network. A global custodian introduced a tokenized deposit service for institutional clients in January 2026. Singapore’s DBS and J.P. Morgan’s Kinexys have worked on an interoperability framework to enable tokenized deposit transfers between their on-chain systems.

Clearing House chief executive David Watson described the initiative as a ‘big move for the banks' and added the industry faces a ‘radically different' future built around on-chain payments and finance.