JPMorgan backs shared deposit token network

• JPMorgan Chase and other US banks are building a shared deposit token network.
• The project aims to offer faster digital payments while competing with stablecoins.
• The banks said the network will keep customer deposits inside the regulated banking system.

JPMorgan Chase, Bank of America and Citigroup are building a shared deposit token network for digital payments.

The banks said the network will compete with stablecoins while keeping customer deposits inside regulated bank accounts.

The project uses tokenised deposits instead of a shared stablecoin because each token remains backed by the issuing bank.

The banks said the network could support faster payments for businesses and improve cross-border transfers using blockchain technology.

The project is expected to launch in the first half of 2027, and following the announcement JPMorgan share price was little changed at about US$319.

Banks have increased work on tokenised deposits as stablecoins become more common in payments and digital assets.

JPMorgan already offers its JPMD deposit token, and the shared network would extend similar services across participating banks.