Wells Fargo joins big US banks building a tokenized deposit network for 2027

Wells Fargo (NYSE:WFC) has joined the league of large U.S. banks building a shared tokenized deposit network, operated by The Clearing House. 

The project is targeting a first-half of 2027 launch and would allow the banks to move digital versions of customer deposits between each other around the clock.

What are major U.S. banks launching?

JPMorgan (NYSE: JPM), the Bank of America (NYSE:BAC), Wells Fargo, Citigroup (NYSE: C) and other large U.S. banks are building a shared tokenized deposit network scheduled for launch in the first half of 2027. 

The Clearing House, a private payments firm the participating banks own collectively, would run the new system.

Through this new system, deposits recorded on blockchain rails would settle instantly and at any hour, pushing bank transfers past the standard business-day window they run on today. However, no blockchain partner has been chosen yet.

The first users of the system are expected to be large multinational companies, the kind with tangled cross-border payment and treasury needs that stand to gain from round-the-clock liquidity.

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