Federally chartered crypto bank rolls out blockchain infrastructure as JPMorgan, Citi, and Bank of America plan shared network
Anchorage Digital announced Monday the launch of a blockchain platform that enables banks to issue tokenized deposits, digital representations of customer deposits held in traditional bank accounts. The infrastructure allows financial institutions to bring deposit money onto blockchain networks while maintaining existing core banking systems and customer relationships.
The platform operates as a parallel layer alongside traditional banking infrastructure rather than requiring system migration. Banks retain custody of deposits and customer relationships, while Anchorage Digital provides blockchain infrastructure, wallet management, and smart contract technology.
“Many of the banks that we’re starting to work with are thinking about tokenized deposits, and how do we start to do them,” Nathan McCauley, CEO of Anchorage Digital, said in the announcement.
Tokenized deposits differ from stablecoins issued by private companies. Stablecoins such as USDC and USDT are typically backed by U.S. Treasuries in reserves, while tokenized deposits remain within the traditional banking system as digital representations of commercial bank deposits.
Banks are pursuing tokenized deposits to accelerate payment and settlement speeds. Traditional financial systems operate on business hours and batch processing, creating friction in institutional transfers. Blockchain-based settlement enables near-instantaneous transactions.
The move reflects broader institutional interest in tokenized banking infrastructure. JPMorgan, Citi, and Bank of America are working on a shared tokenized deposit network. BitGo, a blockchain infrastructure firm, is working with ZKsync to build competing tokenized deposit infrastructure.
Anchorage Digital did not specify a launch date or availability timeline for its platform. The company also did not name specific banks currently working with the infrastructure beyond McCauley’s reference to “banks that we’re starting to work with.” Pricing, fees, and commercial terms were not disclosed.
Why This Matters
Tokenized deposits represent a middle ground between traditional banking and decentralized finance. They preserve regulatory oversight and deposit insurance protections while enabling the speed and programmability of blockchain settlement. Success here could accelerate institutional adoption of blockchain infrastructure without requiring a wholesale migration away from legacy banking systems.
The convergence of traditional banks and crypto-native infrastructure providers signals a shift in how financial institutions view blockchain technology. Rather than a replacement for banking, blockchain becomes a settlement and payment layer integrated with existing deposit and custody systems.
