Tokenized deposits are banks' answer to USDC/USDT owning the settlement layer. Anchorage brings the OCC-chartered custody/infrastructure stack; The Clearing House is already teeing up a JPM/Citi/BofA/Wells network for 1H 2027, so distribution probably fragments between bank-consortium rails and vendor plugins. If these balances stay as commercial-bank deposits, onchain finance gets programmable dollar IOUs with bank credit risk, whitelists, and reversal/compliance hooks baked in.

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