Key Takeaways
Anchorage Digital, the first federally chartered US crypto bank, launched tokenized-deposit infrastructure on June 22 that lets banks settle around the clock without overhauling core systems.
Tokenized deposits keep customer money inside the regulated banking system, a contrast with stablecoins like USDC and USDT, which are issued by private companies.
JPMorgan, Citi, and Bank of America are building a shared tokenized-deposit network for the first half of 2027, and BitGo is building similar infrastructure with ZKsync.
Anchorage Digital, the first federally chartered crypto bank in the United States, launched infrastructure on June 22 that lets banks issue and manage tokenized deposits on blockchain networks, according to CoinDesk. The platform adds round-the-clock payments and settlement as a parallel layer, without forcing banks to replace the core systems that still run most of commercial banking.
The mechanics are simple. A bank mints a digital representation of a customer deposit on a blockchain, while the underlying money stays in the bank's traditional account, per PYMNTS. Anchorage supplies the smart-contract infrastructure, wallet and key custody, and mint and burn endpoints, and the bank keeps the customer relationship.
The distinction worth sitting with is what tokenized deposits are not. Stablecoins like USDC and USDT are issued by private companies and backed by reserves. Tokenized deposits keep the money inside the regulated banking system, which is the part banks care about. CEO Nathan McCauley framed the launch as an upgrade to that trust rather than a replacement for it.
"Tokenized deposits aren't about replacing the trust banks have built, they're about enhancing it."
Nathan McCauley, co-founder and CEO, Anchorage Digital
Anchorage is not alone. JPMorgan, Citi, and Bank of America plan a shared tokenized-deposit network for the first half of 2027, and BitGo is building similar rails with ZKsync. Backed by Andreessen Horowitz, Goldman Sachs, KKR, and Visa at a $4.2 billion valuation, Anchorage holds an OCC charter it won in 2021, letting it operate under one federal framework instead of a patchwork of state rules.
The throughline is hard to miss. The same week public crypto valuations wobbled, the plumbing kept getting built, and it is the regulated banks now laying pipe. WYDE has tracked the shift, from the IMF calling tokenization a structural change in financial architecture to a $5 billion payments blockchain built for programmable money. Banks coming onchain on their own terms is the quiet version of the story. Worth watching which deposits move first.
People Also Ask
What are tokenized deposits?
Digital representations of bank deposits on a blockchain, where the underlying money stays in the customer's bank account while the token can settle payments around the clock.
How are tokenized deposits different from stablecoins?
Tokenized deposits are issued by regulated banks and keep money inside the banking system, while stablecoins like USDC and USDT are issued by private companies and backed by reserve assets.
What did Anchorage Digital launch?
On June 22, Anchorage launched infrastructure that lets banks issue and manage tokenized deposits for 24/7 settlement without replacing their core banking systems.
Which banks are building tokenized-deposit networks?
JPMorgan, Citi, and Bank of America plan a shared network for the first half of 2027, and BitGo is building tokenized-deposit infrastructure with ZKsync.