JPMorgan, Citi and Big Banks Plan New Tokenized Deposit System to Answer Crypto

According to the Wall Street Journal, the largest U.S. banks plan to launch a tokenized deposit network next year, an attempt to stave off threats from crypto companies that are seeking to wade deeper into their territory under President Trump. The new network will connect traditional payment rails with the infrastructure that digital assets run on. It will be operated by a real-time payment network company called the Clearing House, which is co-owned by JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and other large commercial banks.