Five tokenized deposit efforts are now live or scheduled, and none of them is fungible with another. JPMorgan's JPMD settles on Base and is extending toward Canton. Citi Token Services operates cross-border. BNY launched an institutional service in January. Cari is bringing tokenized deposits to regional and mid-market banks, with launch targeted for this fall. JPMorgan, Citi, Bank of America and Wells Fargo have asked The Clearing House to operate a shared network in the first half of 2027.
A bank participating in several of these holds separate pre-funded balances and separate net positions, with no netting across them. A customer on one network cannot pay a counterparty on another without reverting to the rails these systems were built to replace. The operational inconvenience is the lesser problem. The more consequential issue is that the question beneath it remains unresolved: who is exposed to whom when a token moves between banks, and when final settlement occurs in central bank money. As Nellie Liang of Brookings put it in April, "interbank settlement of tokenized bank deposits offered on private blockchains does not exist." Fnality addressed the problem through a Bank of England omnibus account. There is no US equivalent in production, and the Federal Reserve does not settle on weekends, which is when a continuously operating network will accumulate its largest uncovered positions. The controls that address this are well established.
Net debit caps, collateral posted against peak exposure, and a loss-allocation rule agreed in advance are how deferred net settlement has been made safe for decades, and CHIPS has operated on them at roughly $2 trillion a day. The difficulty lies not in the ledger but in whether those controls are written into a network's rulebook before volume arrives, and whether a bank participating in several networks can observe an aggregate position that no single operator holds. The supervisory framework for this already exists. The PFMIs address settlement finality, liquidity risk, tiered participation and links between infrastructures, and Title VIII provides FSOC with a designation framework for payment systems that reach systemic scale. What has not yet happened is the decision to treat these networks as the payment systems they are becoming, while the architecture is still being chosen rather than after it has hardened.
Nellie Liang, "What are the differences between payment stablecoins and tokenized bank deposits?", Brookings Institution, April 14, 2026.