The Clearing House's CHIPS (Clearing House Interbank Payments System) set new all-time records on November 28, 2025: 1.21 million payments representing $2.97 trillion in gross value - surpassing the prior single-day record from June 30, 2008 by 12%.
Key Metrics
November 2025's daily average hit 693,000 payments, the highest monthly average on record. Year-to-date volume growth exceeded 10%. CHIPS maintained its signature liquidity efficiency, with a 29:1 netting ratio in 2024 - meaning participants needed only a fraction of the gross value in actual funding.
Why It Matters
CHIPS processes approximately 95% of USD-denominated cross-border interbank payments and is integral to global trade settlement, FX transactions, and securities-related transfers. The record volumes reflect continued growth in global USD flows, driven by trade finance, FX settlement, and institutional payment activity.
Infrastructure Significance
The volume milestone demonstrates that traditional large-value payment infrastructure continues to scale well beyond crisis-era peaks, countering narratives that blockchain or alternative networks are displacing established USD clearing systems.
Source: The Clearing House