Anchorage Digital Debuts Tokenized Deposits; Bank of America Joins 2027 Network
BAC•Anchorage Digital launched a tokenized deposit platform that lets banks issue blockchain-based representations of deposits while keeping funds in traditional accounts and providing infrastructure and smart contracts. Bank of America, along with JPMorgan and Citi, plans to join a shared tokenized deposit network by 1H 2027.
1. Anchorage Digital Unveils Tokenized Deposit Platform
The newly launched platform enables banks to issue and manage blockchain-based deposit tokens backed 1:1 by funds in traditional deposit accounts. Anchorage Digital handles blockchain infrastructure, wallet management and smart contract services, allowing institutions to integrate without overhauling legacy systems.
2. Bank of America to Join Shared Network
Bank of America is among major U.S. banks, including JPMorgan and Citi, planning a common tokenized deposit network targeting a first-half-2027 rollout. This collaboration aims to enhance settlement speed and availability without disrupting existing core banking operations.
3. Advantages Over Stablecoins
Unlike private stablecoins issued by non-bank entities, tokenized deposits keep customer funds within commercial bank accounts while leveraging blockchain rails. This preserves regulatory protections and bank control over deposits while providing near-24/7 settlement capabilities.
