America’s biggest banks are launching tokenized deposits to compete with stablecoins, opening a new front in the race to become the dominant form of cash on blockchain networks. JPMorgan Chase, Bank of America, Citigroup and other major lenders plan to launch a shared tokenized deposit network through The Clearing House by the first half of 2027, enabling round-the-clock blockchain-based settlement of bank deposits. The initiative is designed to counter the rise of stablecoins such as USDC and…
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