JPMorgan and the other three major US banks plan to launch a shared network for tokenized deposits in the first half of 2027.

According to Odaily, JPMorgan, Bank of America, Citigroup, and Wells Fargo are collaborating to build a shared tokenized deposit network operated by The Clearing House, a payments company jointly owned by major banks. The plan is to convert commercial deposits into tokens that can be transferred between member banks around the clock, with a goal to launch in the first half of 2027.

The network's initial users will be multinational corporations. The product offering includes programmable treasury services, real-time liquidity management, and cross-border payments. David Watson, CEO of The Clearing House, stated that this project is a significant initiative for banks.

JPMorgan's Kinexys platform currently processes over $7 billion in daily volume and has handled more than $4 trillion since its launch. Citi Token Services is operational in the United States, United Kingdom, Singapore, and Hong Kong, and has transferred billions of dollars through Citigroup’s own network.