Major U.S. Banks Form Blockchain Network to Link Tokenized Deposits, Bloomberg Reports

Several major U.S. banks, including JPMorgan, Bank of America, Citigroup, Wells Fargo, and HSBC, have announced plans to form a joint network operated by The Clearing House to connect tokenized bank deposits via blockchain, Bloomberg reported. According to PANews, the initiative is intended to respond to the rapid expansion of U.S. dollar stablecoins such as USDT and USDC in payments and settlement. The network is planned to go live next year and aims to enable interoperability among the banks’ internal blockchain systems, with an initial focus on wholesale payments and liquidity management. Artemis Analytics data cited in the report shows stablecoin transaction volume was about $33 trillion in 2025. Bloomberg Intelligence estimates related payment flows could exceed $50 trillion by 2030. The banking industry views this trend as creating direct competitive pressure on traditional deposit and payment businesses, the report said.