Several leading U.S. banks, including JPMorgan Chase, Bank of America, Citi, Wells Fargo, and HSBC, have announced the creation of a blockchain-based network to connect tokenized bank deposits. This initiative, operated by The Clearing House, aims to address the growing influence of dollar stablecoins like USDT and USDC in the payments and clearing sectors. The network is expected to launch next year, focusing on enhancing interconnectivity among banks' internal blockchain systems, particularly for wholesale payments and liquidity management. The move comes as stablecoin transaction volumes reached approximately $33 trillion in 2025, with projections by Bloomberg Intelligence suggesting that related payment flows could surpass $50 trillion by 2030. The banking sector views this trend as a significant competitive challenge to traditional deposit and payment services.