JPMorgan, Citi and Big Banks Plan New Tokenized Deposit System to Answer Crypto (WSJ)
“The largest U.S. banks plan to launch a tokenized deposit network next year, an attempt to stave off threats from crypto companies that are seeking to wade deeper into their territory under President Trump.
The new network will connect traditional payment rails with the infrastructure that digital assets run on. It will be operated by a real-time payment network company called the Clearing House, which is co-owned by JPMorgan Chase, Bank of America,Citigroup, Wells Fargo, and other large commercial banks.
The move marks one of the most significant efforts yet to open up the crypto world to the banking industry. It would allow tokenized deposits to move instantly across blockchain technology with 24/7 settlements.
“This is a big move for the banks,” Clearing House Chief Executive David Watson told The Wall Street Journal, as the industry faces a “radically different” future around on-chain payments and finance.”
