Four US banks plan tokenized deposit network 1st half 2027
Business
JPMorgan, Citigroup, Wells Fargo, and Bank of America are teaming up to launch a tokenized deposit network in the first half of 2027.
Basically, they want to offer a digital version of bank deposits, kind of like stablecoins (crypto tied to the US dollar), but run by the banks themselves.
It's their way of responding to the growth of stablecoins.
Bank-backed deposits align with Clarity Act
Unlike private stablecoins, these bank-backed digital deposits would come with built-in consumer protections and work within existing banking rules.
This move also lines up with new crypto regulations being debated in the Senate (the Clarity Act), which could shape how digital assets like these are handled in the future.