Wells Fargo, JPMorgan, BofA and Citigroup plan a shared tokenized deposit network via The Clearing House, targeting first-half 2027. The network could reshape bank payments and compete with stablecoins.
Wells Fargo has joined JPMorgan, Bank of America, Citigroup and other large U.S. banks in building a shared tokenized deposit network. The Clearing House, a payments firm the banks own collectively, would operate the system. The consortium is targeting a launch in the first half of 2027, according to a report from Cryptopolitan.
The network would let participating banks move digital versions of customer deposits between each other around the clock. Settlement would be instant, pushing transfers past the standard business-day window. No blockchain partner has been selected yet.
Large multinational corporations are expected to be the first users. These companies manage cross-border payments and treasury operations that could benefit from round-the-clock liquidity.
Wells Fargo piloted an internal settlement tool called Wells Fargo Digital Cash on its own distributed-ledger platform in 2019. In March 2025, the bank filed a U.S. trademark application for WFUSD, which covers payment processing, trading and tokenization. The filing suggests the bank could develop a branded deposit token or stablecoin.
JPMorgan brings its Kinexys platform to the project. Kinexys already handles institutional payments. Earlier this year, JPMorgan launched a deposit token on Base, Coinbase's Ethereum layer-2 network, for its institutional clients.
The consortium approach stretches the infrastructure across the banking system rather than keeping it inside one firm. The Clearing House runs the network as a shared service.
Mark Monaco, Bank of America's head of global payments solutions, said clients are not yet pushing for the product. "Clients are not beating down the door for tokenized deposits yet," Monaco said. "This network will ready banks for the demand when it arrives."
The pending U.S. stablecoin legislation, known as the CLARITY Act, has banks on alert. The bill could allow stablecoin issuers to pay interest, competing head-on with bank deposit rates. A bank-run deposit network offers blockchain speed and programmability without losing customers to crypto-native rivals.
AlphaScala data shows the three largest participants by market cap have moderate scores. JPMorgan scores 65 out of 100, Bank of America scores 64, and Wells Fargo scores 60. The scores reflect each bank's current positioning in digital assets and distributed-ledger projects.
A key unknown is whether the network will attract enough clients to justify the investment. Monaco's comment suggests banks are preparing for demand that has not yet materialized. The consortium has not announced a technology partner or a detailed timeline beyond the 2027 target.
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