Five Major U.S. Banks Launch Tokenized Deposit Network to Compete With Stablecoins

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HSBC-1.26%
According to Bloomberg, on July 13, five major U.S. banks—JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and HSBC—announced the formation of a blockchain-based network operated by The Clearing House to connect tokenized bank deposits. The network, expected to launch in 2027, aims to enable interoperability across banks' blockchain systems and initially target wholesale payments and liquidity management. Stablecoins such as USDT and USDC processed approximately $33 trillion in transaction volume in 2025, with projections suggesting payment flows could exceed $50 trillion by 2030, creating direct competitive pressure on traditional banking deposits and payment services.
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