New initiative will enable programmable commercial bank money to move at scale.
June 5, 2026 – New York – A group of leading banks today announced a landmark digital payments initiative that will connect on-chain activity with traditional payment rails and enable clearing and settlement of tokenized commercial bank money at scale. The solution will combine the existing regulatory, operational, and settlement frameworks of established payment market infrastructure with the programmability and interoperability of blockchain-enabled financial activity.
The initiative will modernize money movement across emerging chain networks and will be operated by The Clearing House, a U.S.-based payments company that provides critical payment networks and is owned by 25 of the nation’s largest financial institutions. The initiative will deliver:
- on-chain clearing and settlement of tokenized deposits between banks within the established banking framework, supporting automated workflows, richer transaction data, and 24/7 settlement; and
- a connectivity layer linking blockchain-based activity with established fiat rails, such as the RTP® and CHIPS® networks, to facilitate movement between digital and traditional commercial bank money.
Tokenized deposits offer the benefits of digital payments, including programmability and interoperability, while preserving the essential role banks play in extending credit and supporting economic growth. This offering supports the growing demand for tokenized deposits by combining the programmability of on-chain money with the trust, settlement certainty, and balance sheet benefits inherent in commercial bank money.
“The banking industry has long provided the trusted infrastructure that underpins the movement of money throughout the global economy,” said David Watson, President and Chief Executive Officer of The Clearing House. “The Clearing House is proud to help banks scale on-chain money movement by extending the safety, resiliency, and settlement certainty of regulated bank payment rails.”
The solution will be accessible to financial institutions across the United States, enabling banks of all sizes to participate in the emerging global digital payments ecosystem through a modern trusted, and interoperable payment infrastructure.
The initiative has broad support from participant banks*, including Truist:
Chris Ward, Head of Enterprise Payments, Truist:
“As on-chain payments and tokenized deposits scale, they will be grounded in the same principles of trusted clearing and settlement that clients rely on. Payments run on trust — a strong set of operating rules, consistent and predictable ways transactions clear, and the liquidity and infrastructure behind them. That foundation, in place since The Clearing House was established in 1853, enables a robust, reliable, and interoperable system. This initiative builds on those principles — connecting programmable technology with bank-led standards in on-chain environments to enable tokenized deposits at scale and deliver practical benefits to participants. That’s how we move payments forward — extending trusted infrastructure into what comes next.”
The initiative supports a broad range of use cases, including programmable treasury operations, real-time liquidity management, cross-border payments, agentic commerce applications, digital asset settlement, and automated financial workflows.
Participating financial institutions and The Clearing House will continue working collaboratively with industry stakeholders to explore future interoperability standards, implementation approaches, and use cases supporting the evolution of trusted digital financial infrastructure.
* Review additional perspectives from participant banks.
About The Clearing House
The Clearing House operates U.S-based payments networks that clear and settle more than $2 trillion each day in wire, instant payment, ACH, and check image transactions. It is the nation's most experienced payments company, with a long track record of delivering secure, reliable systems, driving industry innovation, and providing strategic thought leadership in financial services. The Clearing House revolutionized U.S. payments with the launch of the RTP® network, enabling the immediate clearing and settlement of payments, as well as the exchange of rich transaction data. These RTP capabilities enable all financial institutions to offer safer, faster, and smarter digital transaction services for their corporate and retail customers. Learn more at www.theclearinghouse.org