Major financial institutions unveil bank-led onchain money initiative
08 June 2026 US
Image: Mer_Studio/adobe.stock.com
A group of prominent banks announced a landmark digital payments initiative that will connect onchain activity with traditional payment rails and enable clearing and settlement of tokenised 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 modernise money movement across emerging chain networks and will be operated by The Clearing House, a US-based payments company.
The initiative will deliver: onchain clearing and settlement of tokenised 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.
This offering combines the programmability of onchain money with the trust, settlement certainty, and balance sheet benefits inherent in commercial bank money.
The solution will be accessible to financial institutions across the United States, enabling banks 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: Bank of America, BNY, Citi, Wells Fargo, J.P Morgan, HSBC, BMO Financial Group, Citizens Financial Group, Fifth Third Bank, The Huntington National Bank, KeyBank, PNC Bank, Regions Bank, Getnet Platforms, TD Bank U.S., Truist, and U.S. Bank.
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.
David Watson, president and CEO of The Clearing House, notes: “The Clearing House is proud to help banks scale onchain money movement by extending the safety, resiliency, and settlement certainty of regulated bank payment rails.”
Mark Monaco, head of global payments solutions, Bank of America, says:This initiative brings together the innovation of digital finance with the trust, scale, and settlement certainty of established bank payment infrastructure, creating an important foundation for future growth.”
Manish Kohli, head of Global Payments Solutions, HSBC, adds: “This initiative is an important step towards scaling tokenised deposits by connecting on-chain activity with established payment rails and enabling interbank clearing and settlement within the regulated banking frameworks, bringing programmability and richer data together with the trust and settlement certainty of commercial bank money.”
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 modernise money movement across emerging chain networks and will be operated by The Clearing House, a US-based payments company.
The initiative will deliver: onchain clearing and settlement of tokenised 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.
This offering combines the programmability of onchain money with the trust, settlement certainty, and balance sheet benefits inherent in commercial bank money.
The solution will be accessible to financial institutions across the United States, enabling banks 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: Bank of America, BNY, Citi, Wells Fargo, J.P Morgan, HSBC, BMO Financial Group, Citizens Financial Group, Fifth Third Bank, The Huntington National Bank, KeyBank, PNC Bank, Regions Bank, Getnet Platforms, TD Bank U.S., Truist, and U.S. Bank.
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.
David Watson, president and CEO of The Clearing House, notes: “The Clearing House is proud to help banks scale onchain money movement by extending the safety, resiliency, and settlement certainty of regulated bank payment rails.”
Mark Monaco, head of global payments solutions, Bank of America, says:This initiative brings together the innovation of digital finance with the trust, scale, and settlement certainty of established bank payment infrastructure, creating an important foundation for future growth.”
Manish Kohli, head of Global Payments Solutions, HSBC, adds: “This initiative is an important step towards scaling tokenised deposits by connecting on-chain activity with established payment rails and enabling interbank clearing and settlement within the regulated banking frameworks, bringing programmability and richer data together with the trust and settlement certainty of commercial bank money.”
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