Bank deposit tokens: who is building what

Banks are tokenizing deposits faster than any other form of digital money is reaching institutions, and the programs now span three continents. This page maps who is building what as of July 2026: what is commercially live, what is in pilot, what is still a plan, and the pattern the whole map keeps repeating.

The instrument itself, and why banks prefer it to issuing stablecoins, is covered in the tokenized deposits guide. Here we take the programs one by one.

United States: live systems, and a reported club

J.P. Morgan runs the most advanced program. JPM Coin (JPMD) became the first bank-issued USD deposit token on a public network in November 2025, available to institutional clients on Base after a proof of concept with participants including Mastercard and Coinbase. In January 2026, Kinexys and Digital Asset announced native issuance of JPMD on the Canton Network, phased through 2026. The token is a digital representation of dollar deposits held at J.P. Morgan, settling continuously with real-time liquidity.

Citi took a different route: no public-network token, but a live internal one. Citi Token Services runs on a private permissioned ledger across five markets, moving client dollars and euros between Citi branches around the clock, integrated with the bank’s 24/7 USD clearing network. In July 2026, Siam Commercial Bank became the first external financial institution live on the combined service, and American Banker reports client flows approaching $1 billion a day.

The club, reportedly. In June 2026, multiple outlets reported that J.P. Morgan, Citi, Bank of America and other major US banks, with The Clearing House, are planning a shared tokenized deposit network targeting 2027. It is a plan, not a system; it is also the clearest admission that single-bank tokens eventually need each other.

United Kingdom: the industry pilot

UK Finance’s tokenised sterling deposits program (GBTD) grew out of the Regulated Liability Network experiments and runs as a live pilot to mid-2026, with Barclays, HSBC, Lloyds, NatWest, Nationwide and Santander participating and Quant, EY and Linklaters supporting. Three use cases: marketplace payments, remortgaging, and the cash leg of digital asset settlement. GBTD has been accepted into the Bank of England’s Synchronisation Lab, which connects it to the central bank’s own work on synchronised settlement. The full lineage from RLN to pilot is covered in our UK pilot explainer.

Germany: the interoperability-first design

The Commercial Bank Money Token is the only major program that started from the multi-bank problem rather than arriving at it. Five banks (DZ Bank, Deutsche Bank, Commerzbank, UniCredit, Helaba) and five corporates (Siemens, Evonik, BASF, Mercedes-Benz, AirPlus) designed a token that works as one instrument for a corporate regardless of which bank issued it, aimed squarely at industrial use cases, including IoT-triggered machine payments. Siemens and Evonik have completed live test transactions with DZ Bank and Commerzbank, and the consortium has moved to pre-production trials. Two regulatory facts stand out: BaFin classified the CBMT as a deposit rather than an e-money token in December 2025, and the consortium frames its ambition as a “tokenized SEPA”, deposit tokens clearing across banks the way euro credit transfers do.

The official sector: Agorá

Project Agorá, convened by the BIS with the Institute of International Finance, is testing tokenized commercial bank deposits and tokenized central bank reserves on one platform, with eight central banks and over 40 financial institutions. It published prototype results in May 2026 demonstrating atomic multi-currency settlement and is moving toward real-value testing. Agorá matters to this map because it tests the missing layer: settlement between banks’ tokenized liabilities in central bank money, the arrangement that would let the clubs connect.

The pattern, and the prize

Read the map twice and the same two facts appear. First, the scale: Citi projects tokenized bank deposits could support $100 to $140 trillion in annual flows by 2030, on the logic that even a five percent migration of large-value payment volume puts bank tokens near $100 trillion a year, dwarfing its stablecoin projections for the same horizon. Second, the structure: every live deposit token is a claim on one bank, circulating inside that bank’s perimeter. The multi-bank arrangements that would connect them, CBMT, GBTD, Agorá, the reported US network, are all pilots or plans. The landscape is powerful rails being laid inside institutions, with the between-institutions problem still waiting for shared infrastructure, and an institution committing to any single program is betting on which club prevails while its liquidity fragments across venues that do not connect.

Where Frame fits

Frame is the settlement layer for global finance: one integration to orchestrate payments at scale across fiat rails, stablecoins, and tokenized deposits, with compliance enforced on every transaction and settlement in seconds instead of days.

Frame treats deposit tokens as what the map shows them to be: one rail family among several, growing fast, unevenly, and club by club. Frame is rail-neutral, so an institution integrates once and routes each payment across whichever rail fits the corridor, the counterparty, and the governing policy, a deposit token where one connects the parties, a regulated stablecoin or a conventional fiat rail where it does not. Frame’s Rules Engine enforces those policies inside settlement, and every settled transaction produces verifiable evidence that its conditions were met. The clubs on this map will keep multiplying; a settlement layer that spans them is how the map stays usable while it does.