Anchorage Launches Tokenized Deposit Platform to Bring Banks Onchain

Tokenized deposits are blockchain-based representations of commercial bank money and remain liabilities of the issuing bank, generally within existing prudential and deposit-insurance frameworks. Banks see them as a way to offer 24/7, programmable and cross-border settlement without surrendering deposits or payment relationships to stablecoin issuers. Unlike stablecoins, however, tokens from different banks are not automatically interchangeable and retain issuer credit risk; faster transfers could also accelerate liquidity outflows and intensify runs during stress.

Momentum picked up in 2026. At Jackson Hole on Aug. 27, BIS General Manager Pablo Hernández de Cos argued tokenized deposits preserve the two-tier monetary system and reduce disintermediation risk. The Clearing House said in June that 17 financial institutions, including JPMorgan, Bank of America, Citi and Wells Fargo, were developing an on-chain clearing and settlement network targeted for 2027. Separately, Wells Fargo said on Aug. 4 it would pilot U.S. dollar-to-sterling transfers this fall. JPMorgan’s Kinexys platform has processed more than $3 trillion cumulatively.

Founded in 2017, Anchorage Digital operates Anchorage Digital Bank, which became the first federally chartered digital-asset bank in the United States in 2021. As stablecoins and tokenized assets move closer to mainstream finance, regulated custody, trading and settlement infrastructure has become a critical gateway for institutions seeking blockchain exposure without abandoning established compliance and risk controls.

Rachel Anderika, Anchorage Digital’s head of global operations, said in a recent interview that she remains bullish on on-chain finance. She argued that compliant blockchain infrastructure can draw more institutional activity onto digital rails while accelerating fund transfers and settlement. Anchorage Digital did not disclose a new investment amount, customer target or launch date, framing the effort instead as a continuing buildout of institution-grade capabilities.

Anchorage Digital is a digital asset platform connecting crypto assets with the traditional financial system. CEO Nathan McCauley says crypto banking should not be dominated by a small number of providers. Widespread adoption of custody, settlement and other services by commercial banks would broaden institutional access to the crypto market and expand its scale.

McCauley recently said he wants all roughly 4,000 U.S. commercial banks to become crypto banks, which would leave Anchorage Digital with 3,999 peers. The company plans to provide the backend infrastructure, but reports did not disclose a specific launch date, participating banks, investment amount or implementation timetable.