The race to tokenize Wall Street: how JPMorgan, Citi, and Wells Fargo are rebuilding settlement rails

Four of the largest banks in the United States are building a shared network that will let corporate clients move tokenized deposits around the clock, seven days a week. The project, coordinated through The Clearing House, is targeting a first half 2027 launch. It is the clearest sign yet that Wall Street is no longer experimenting with blockchain. It is rebuilding the plumbing. Summary JPMorgan, Citigroup, Bank of America, and Wells Fargo are building a shared tokenized deposit network through The Clearing House, targeting the first half of 2027. BlackRock has expanded its tokenized fund suite with BSTBL and BRSRV following the 2024 launch of BUIDL, which crossed $1 billion in assets under management. Mastercard added stablecoin settlement for issuers and acquirers while Visa is testing private stablecoin settlement on the Canton Network. The DTCC is rolling out a tokenization service with more than 50 financial firms, with limited production trades starting in July 2026 and a broader launch in October. Citi launched Digital Depositary Receipts for private company shares, creating a new tokenized pathway into pre IPO markets. The phrase “tokenize everything” has been a crypto indu...