Multiple reports say a consortium backed by major banks, including JPMorgan and Citi, plans to launch a tokenized deposit network in early 2027, according to the Wall Street Journal. The proposed system is designed to allow tokenized deposits to be transferred quickly, supporting near-instant movement and around-the-clock settlement. The initiative is framed as a response to competitive pressure from non-bank firms, including stablecoin companies that are expanding into traditional finance. While details on the consortium’s structure, participating institutions beyond the banks named in the reports, and the regulatory and technical approach are not fully specified in the available summaries, the core goal is to modernize deposit settlement using tokenization. The reports collectively describe the network as targeting faster settlement times and continuous processing, aligning with broader industry efforts to improve payment infrastructure and reduce reliance on slower, traditional settlement cycles. No launch roadmap, governance terms, or pilot timelines are included in the cited excerpts.