The four major banks in the United States, Morgan Chase and others, are about to launch a shared-currency deposit network in the first half of 2027

On 29 July, Morgan Chase, the Bank of America, Citigroup and the Bank of Rich Countries are working together to build a network of shared currency deposits, operated by The Clearing House, a payment company jointly held by large banks, which plans to convert commercial deposits into 24-hour transfers between member banks, with the goal of launching them in the first half of 2027. The first users of the network are for multinational enterprises, with products ranging from programmable capital to real-time liquidity management and cross-border payments. The Clearing House CEO David Watson stated that the project was a major initiative of the Bank. The Morgan Chase Kinexys platform currently handles more than $7 billion a day, totalling more than $4 trillion since its launch; Citi Token Services is already operating in the United States, the United Kingdom, Singapore and Hong Kong, and transfers billions of dollars through Citicorp’s own network。