JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo announced on June 5 that they will build a shared network for clearing and settling tokenized commercial bank deposits. The Clearing House will operate the platform. Thirteen additional banks have committed to the initiative, including BNY, BMO, HSBC, PNC, Santander, TD Bank, and U.S. Bank.
A connectivity layer will link on-chain settlement to The Clearing House's existing CHIPS and RTP payment rails. Participating institutions will clear and settle tokenized deposits between each other with 24/7 availability and automated workflows.
The technology provider has not yet been selected. The network is designed for interbank payments, distinguishing it from single-bank tokenized deposit platforms currently operated by individual institutions.