Major U.S. banks including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and HSBC are forming a joint network operated by The Clearing House, according to Bloomberg. The project will use blockchain infrastructure to connect tokenized bank deposits and is aimed at countering the rapid rise of dollar stablecoins such as USDT and USDC in payments and settlement. The network is scheduled to go live next year and is designed to make different banks’ internal blockchain systems interoperable, with wholesale payments and liquidity management set as the first use cases. Data from Artemis Analytics shows stablecoin transaction volume reached about $33 trillion in 2025. Bloomberg Intelligence projects related payment flows could exceed $50 trillion by 2030. Banks see the shift as a direct competitive threat to traditional deposit and payment businesses.
Major U.S. banks including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and HSBC are forming a joint network to connect tokenized bank deposits through blockchain, according to Bloomberg. The network will be operated by The Clearing House.
The effort is meant to respond to the rapid expansion of dollar-backed stablecoins such as USDT and USDC in payments and settlement.
Launch targeted for next year
The network is scheduled to go live next year. Its goal is to make banks’ internal blockchain systems interoperable, with wholesale payments and liquidity management as the first priority use cases.
Stablecoin payment flows keep rising
Data from Artemis Analytics shows stablecoin transaction volume was about $33 trillion in 2025. Bloomberg Intelligence estimates related payment flows could top $50 trillion by 2030.
Banks view that trend as direct competitive pressure on traditional deposit and payment businesses.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
