Big US Banks Plan Tokenized Deposits as Counter to Crypto Startups
The four largest US banks—JPMorgan Chase, Citigroup, Wells Fargo, and Bank of America—are collaborating through Clearing House to launch a tokenized deposit network that would issue digital versions of customer deposits, likely within traditional banking regulation and possibly on private/permissioned networks. The move is framed as a response to the rise of dollar‑backed stablecoins and ongoing crypto regulation discussions (Clarity Act), with JPMorgan already operating private platforms (Kinexys) and JPM Coin on Coinbase’s Base. The exact technical structure remains to be seen and will depend on final regulatory language.
