US Banks, The Clearing House Unveil Tokenized Deposit Network

Tokenized deposits represent commercial bank deposits as onchain assets, enabling programmability and real-time transfers while remaining bank liabilities, unlike stablecoins issued by nonbanks. The Clearing House is owned by 25 of the largest U.S. financial institutions and clears more than $2 trillion daily through its existing networks. The common framework could help banks prevent deposits from migrating to stablecoins and preserve a key source of lending funds.

On June 5, 2026, The Clearing House announced a new initiative backed by 17 banks, including Bank of America, Citi, J.P. Morgan and Wells Fargo. It will connect onchain tokenized deposits to RTP and CHIPS, providing round-the-clock interbank clearing, real-time liquidity management and programmable payments. The platform is expected to launch in the first half of 2027, and its development cost has not been disclosed.

Tokenized deposits record bank-account deposit liabilities on a blockchain while preserving customers’ claims against the issuing bank and up to $250,000 in FDIC deposit insurance. They also support around-the-clock instant settlement and programmable payments. Unlike stablecoins issued by nonbanks, which generally lack deposit-insurance protection, tokenized deposits allow banks to modernize payments within existing regulatory and capital frameworks while reducing the risk that funds flow out of deposits and lending.

In April 2026, an American Banker analysis of the 50 largest US banks found that 19 were pursuing tokenized deposits and 15 were exploring stablecoins. On June 5, JPMorgan, Bank of America, Citi and Wells Fargo were reported to be jointly developing a network operated by The Clearing House, with a launch expected in the first half of 2027. Kinexys processes more than $5 billion per day on average.