America’s Biggest Banks Are Building Their Own Answer to USDT and USDC

By Isaac • June 6, 2026 10:28 pm •

The largest U.S. banks have spent years warning about stablecoins. Now they are building a competing product.

CoinDesk reported on June 6 that JPMorgan Chase, Bank of America, Citigroup and other major lenders plan to launch a shared tokenized deposit network through The Clearing House by the first half of 2027.

The target is clear. Banks want to keep customer dollars on their own balance sheets while copying the around-the-clock speed that made USDT and USDC useful in crypto markets.

That speed pressure is real. On CoinGecko’s June 6 market table, Tether’s USDT ranked third by market capitalization and Circle’s USDC ranked fifth, which puts both dollar tokens squarely among the five largest digital assets.