JPMorgan, Citi, BofA and Wells Fargo back tokenized deposit network planned for 2027

A group of major U.S. banks is preparing a shared tokenized deposit network targeted for a 2027 rollout, aiming to move bank deposits on-chain with always-on settlement. The project is being organized through The Clearing House, while JPMorgan is already operating JPM Coin on Coinbase's Base for institutional users and a separate Cari Network is targeting a Q4 2026 retail launch.