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Exclusive | JPMorgan, Citi and Big Banks Plan New Tokenized Deposit System to Answer Crypto
The largest U.S. banks plan to launch a tokenized deposit network next year, an attempt to stave off threats from crypto companies that are seeking to wade deeper into their territory under President Trump.
The new network will connect traditional payment rails with the infrastructure that digital assets run on. It will be operated by a real-time payment network company called the Clearing House, which is co-owned by , Bank of America , Citigroup C -1.98%decrease; red down pointing triangle, Wells Fargo WFC 0.39%increase; green up pointing triangle and other large commercial banks.
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