Several large U.S. banks, including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and HSBC, are forming a joint network to link tokenized bank deposits through blockchain infrastructure operated by The Clearing House, according to Bloomberg. The project is aimed at responding to the rapid expansion of dollar stablecoins such as USDT and USDC in payments and settlement.
The network is scheduled to launch next year and is designed to make banks’ internal blockchain systems interoperable. Its first use cases will focus on wholesale payments and liquidity management. Banks view the rise of stablecoins as a direct competitive challenge to their traditional deposit and payments businesses.
Artemis Analytics data cited in the report showed stablecoin transaction volume reached about $33 trillion in 2025. Bloomberg Intelligence expects related payment flows could exceed $50 trillion by 2030.
Several large U.S. banks are forming a joint network to connect tokenized bank deposits over blockchain infrastructure run by The Clearing House, according to Bloomberg. The move is meant to respond to the rapid growth of dollar stablecoins in payments and settlement.
The banks named in the report are JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and HSBC. Bloomberg said the initiative comes as dollar stablecoins led by USDT and USDC keep expanding their footprint in payment and clearing activity, which banks see as direct pressure on traditional deposit and payments businesses.
Launch targeted for next year
The network is planned to go live next year. Its goal is to make banks’ internal blockchain systems interoperable, with wholesale payments and liquidity management set as the initial focus.
Stablecoin volumes keep rising
Artemis Analytics data showed stablecoin transaction volume was about $33 trillion in 2025. Bloomberg Intelligence estimates related payment flows could top $50 trillion by 2030.
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