JPMorgan Chase and three other major U.S. banks plan to launch a shared tokenized deposit network in the first half of 2027
2026-07-28 20:22
Odaily Planet Daily News: 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.
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.
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