Wall Street banks team up to launch a tokenized deposits network to counter the expansion of stablecoins

Golden Finance reports that on July 13, according to Bloomberg, several major U.S. banks, including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and HSBC, announced the formation of a joint network operated by The Clearing House. The network will use blockchain to connect tokenized bank deposits in order to address the rapid expansion of U.S. dollar stablecoins represented by USDT and USDC in the payments and clearing space. The network is planned to go live next year, with the goal of enabling interoperability among the banks’ internal blockchain systems, prioritizing use cases in wholesale payments and liquidity management.

Artemis Analytics data shows that in 2025, stablecoin trading volume is about $3.3 trillion. Bloomberg Intelligence expects that by 2030, related payment flows may exceed $5 trillion. The banking industry believes this trend has already created direct competitive pressure on traditional deposit and payment businesses.