Three major U.S. banks plan to launch a shared tokenized deposit network by 2027

Odaily Odaily Planet Daily News Three major U.S. banks, JPMorgan, Citi, and Bank of America, plan to establish a shared tokenized deposit network by mid-2027, which will be operated by The Clearing House. The relevant banks plan to convert traditional bank deposits into blockchain-based tokens, enabling funds to flow quickly around the clock while remaining within the regulated banking system. The aim is to leverage tokenized deposits to represent bank customer funds as digital tokens on the blockchain, enabling fast transfers and settlements. (CoinDesk)