Major U.S. Banks Plan Tokenized Deposit Network to Counter Stablecoin Threat

Several major U.S. banks are planning to launch a tokenized deposit network next year, according to a report by The Wall Street Journal. This initiative aims to address the growing influence of stablecoins and crypto companies in traditional banking, which has been accelerated under the support of U.S. President Donald Trump's administration. According to ChainCatcher, the network will integrate traditional payment systems with digital asset infrastructure. It will be operated by Clearing House, a real-time payment network company jointly owned by several large banks. Participants in this initiative include major commercial banks such as JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo.