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JPMorgan, Citi & BofA Go On-Chain: TDN, Stablecoins & the Digital Dollar Play
Audio is available on Spreaker — see link below.
JPMorgan, Citi, and Bank of America just launched a shared tokenized deposit network through The Clearing House — and it rewrites the stablecoin enterprise pitch overnight. This briefing breaks down TDN's threat to Circle and Tether, the CBDC preemption strategy, and India-Nepal's live UPI cross-border link.
Audio is available on Spreaker — see link below.
JPMorgan, Citi, and Bank of America just moved from blockchain experimentation to production infrastructure. The three launched a shared tokenized deposit network through The Clearing House, designed to settle regulated bank deposits on-chain, around the clock, seven days a week.
The important distinction here is that this isn't a competitive product. It's infrastructure.
There's a second game being played here, and it runs through Washington. Banks have framed TDN explicitly as delivering digital dollar infrastructure through private rails.
There's also a defensive logic inside this network that matters for anyone watching deposit flows. The CLARITY Act provisions currently in play would allow stablecoin issuers to offer yield on their tokens.
Separately, India and Nepal launched a cross-border UPI remittance linkage enabling personal transfers between the two nations. It's a meaningful expansion of India's digital payment infrastructure into South Asia.
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