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Bank-owned payments utility held by the largest US commercial banks, whose CHIPS system settled an average $2.014tn a day in 2025; it was reported in June 2026 to be building a shared tokenized deposit network for its owner banks.
Bank-owned payments utility organised in New York on 4 October 1853 and held today by the largest US commercial banks, among them JPMorgan Chase, Bank of America, Citigroup, BNY, Deutsche Bank, U.S. Bancorp and Wells Fargo. It operates CHIPS, the netting system for large-value dollar payments, which settled an average $2.014tn a day in 2025 against roughly $96bn of participant funding, a liquidity efficiency ratio of about 26 to 1 against an estimated $442bn that gross settlement of the same flow would require. It also operates the RTP network launched in 2017 and an ACH network. It was reported in June 2026 that the company will operate a shared tokenized deposit network for its owner banks, targeted for the first half of 2027, which would put programmable dollar balances inside insured deposit liabilities rather than in stablecoin issuers' reserves.
Developments in which The Clearing House is a named party, newest first.
The fourth-largest US bank says corporate and commercial clients will move, program and settle funds around the clock on its own blockchain, starting with a limited dollar to pound exchange and widening through 2027.
Wells Fargo said on 4 August 2026 that it would offer tokenized deposits to corporate and commercial clients, starting this autumn with a limited US dollar to British pound exchange and widening over 2027 to more clients, countries and currencies. The tokens run on the bank's own blockchain platform and the release says they carry the same deposit insurance eligibility as its existing deposit products.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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