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JPMorgan, Citi, Bank of America and Wells Fargo will use shared blockchain for deposits, Simon Taylor notes
Simon Taylor, co-founder at 11:FS, reports that JPMorgan, Citi, Bank of America, and Wells Fargo are collaborating to build a shared blockchain aimed at keeping deposits within the U.S. banking system. The Clearing House will operate the platform, which is expected to launch in the first half of 2027.
Taylor highlights that this initiative appears to be a defensive strategy to retain deposits rather than a purely innovative expansion.
Taylor has previously commented on the utility of stablecoins for both individuals and banks, noting their broad applications in traditional finance in a prior analysis. He also remarked on Jamie Dimon's strong statements about stablecoins during a Fox interview with Brian Armstrong earlier this year. These observations come as industry leaders debate how digital assets should interact with established banking systems.
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