The biggest banks on Wall Street are reportedly going to launch a tokenized deposit network in the first half of 2027.
The effort is being led by the Clearing House, a real-time payments company co-owned by major financial institutions including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo.
Project to Bridge Traditional Payments with Blockchain
The Wall Street Journal reports that the project, called “the bridge,” aims to connect traditional banking payment systems to blockchain infrastructure so that tokenized deposits can move instantly with 24/7 settlement. It also states that the underlying blockchain will be built through a partnership with a yet-to-be-selected third-party vendor.
“This is a big move for the banks,” said Clearing House Chief Executive David Watson, who said the industry is facing a “radically different” future when it comes to on-chain payments and finance.
Citi sees the initiative as an extension of the role banks already play in the fi
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