U.S. Tokenized-Deposit Network Targets Bank Access in 2027

The Clearing House’s planned U.S. network will link tokenized bank deposits with RTP and CHIPS, as an estimated 10 to 15 systems reach pilot stage or beyond ahead of expected access in 2027.

Participating institutions are expected to gain access to the On-Chain Money Initiative in the first half of 2027. Quant will provide the interoperability, orchestration and transaction-management layer, connecting the initiative with RTP and CHIPS.

The Clearing House selected Quant on Sept. 24. The selection of Quant set the network’s technology partnership.

Under the proposed design, each bank would manage its own deposit issuance, wallets and custody, while a shared permissioned ledger connects institutions. A tokenized deposit would be delivered after the corresponding fiat settles over RTP or CHIPS.

Each token represents commercial-bank funds held by a regulated issuer, with an equivalent deposit recorded on its balance sheet. Stablecoins typically come from nonbank issuers, with reserve assets held by a separate custodian.