JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are developing a shared blockchain network for tokenized bank deposits through The Clearing House, with a planned launch in the first half of 2027.
The effort replicates the infrastructure model used to create Zelle, the instant-payment system launched by major U.S. banks in 2015. The new network aims to enable 24/7 settlement while keeping customer funds within the regulated banking system, according to a post on X.
HSBC and other global financial institutions are exploring similar blockchain infrastructure for deposit tokenization, the post states. The move comes as stablecoins have expanded rapidly in scale and utility. Total stablecoin market capitalization reached approximately $303 billion as of mid-July 2026, with Tether's USDT representing $184.2 billion and Circle's USDC accounting for roughly $73 billion, according to market cap tracking data.
Stablecoin transaction volumes reached $33 trillion in 2025, an increase of 72 percent from 2024, according to Bloomberg reporting.
The Clearing House is a 165-year-old cooperative owned by the largest commercial banks and used for interbank payments. The structure keeps regulatory oversight and deposit custody with the member banks.
The 2027 launch window positions the banks' network to compete with decentralized stablecoin issuers on infrastructure grounds while anchoring settlement activity to balance sheets held at regulated institutions.
