US banks tap The Clearing House for tokenized deposit network

▤ Summary

US banks are working with The Clearing House to create a tokenized deposit network. The network aims to support interbank payments and expand beyond the single-bank tokenized deposit setups already used by some large banks for corporate clients. The Clearing House is a logical operator because it already runs major payment rails such as CHIPS, EPN, and RTP. The technology vendor has not been selected yet, which leaves room for software, blockchain, payments, and integration providers to compete for the implementation work. The initiative also points to future cross-border payment potential because The Clearing House has multinational bank shareholders.

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