Anchorage Digital, a federally chartered crypto bank, has launched a new platform enabling banks to issue and manage tokenized deposits. The platform allows 24/7 payments and settlement on blockchain without requiring overhauls to existing core banking systems. CEO Nathan McCauley stated that many banks are exploring tokenized deposits as a way to modernize payments. The solution creates blockchain representations of deposits while keeping funds in traditional accounts; Anchorage provides the infrastructure, wallet management, and smart contracts, while banks retain customer relationships and custody. This launch comes amid a growing debate between stablecoins and tokenized deposits as the preferred blockchain-based money movement method. Major U.S. banks like JPMorgan, Citi, and Bank of America are also building a shared tokenized deposit network by 2027, and BitGo is working with ZKsync on similar infrastructure. Anchorage's platform acts as a parallel layer to existing systems, avoiding lengthy migrations and operational risks.

Key facts

• Anchorage Digital launches platform for banks to issue tokenized deposits on blockchain.
• Enables 24/7 payments and settlement without changing core banking systems.
• Funds remain in traditional deposit accounts; blockchain representation is created.
• Banks maintain customer relationships while Anchorage provides infrastructure.
• Major US banks and BitGo are also building tokenized deposit networks.

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