Market Chatter: JPMorgan, Other Big US Banks Back Tokenized Deposit Network

MT Newswires Live06-05 17:56

JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC) plan to launch a tokenized deposit network in H2 2027 to connect traditional banking systems with blockchain technology, The Wall Street Journal reported Friday.

Operated by The Clearing House, the network will enable instant, 24/7 settlement of tokenized deposits and support services such as real-time liquidity management, programmable treasury operations and cross-border payments, WSJ said.

The initiative comes as banks face growing competition from stablecoins and crypto firms, according to the report.

JPMorgan, Bank of America, Citigroup and Wells Fargo did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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