JPMorgan and Citi-Backed Consortium Plan Tokenized Deposit Network Launch for Early 2027

According to the Wall Street Journal on Thursday, JPMorgan, Citigroup, Bank of America, Wells Fargo, and other major U.S. banks plan to launch a tokenized deposit network in early 2027 through the Clearing House, a payments company owned by the consortium. The platform, internally referred to as "the bridge" or "the chain," will enable tokenized deposits to settle instantly with 24/7 liquidity movement and support cross-border payments.

Early users are expected to be large global companies seeking to optimize treasury operations and payment efficiency. Clearing House CEO David Watson stated the initiative represents a "big move for the banks" as the industry shifts toward onchain payments and finance. This follows JPMorgan's launch of JPM Coin in November 2025 and BNY's tokenized deposit service launch in January 2026.