{"id":181097,"date":"2026-06-08T14:04:00","date_gmt":"2026-06-08T14:04:00","guid":{"rendered":"https:\/\/cryptonews.com\/fr\/news\/jpmorgan-citi-tokenized-deposit-network-stablecoin-competitor\/"},"modified":"2026-06-08T10:45:46","modified_gmt":"2026-06-08T10:45:46","slug":"jpmorgan-et-citi-lancent-un-reseau-de-depots-tokenises","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/fr\/news\/jpmorgan-et-citi-lancent-un-reseau-de-depots-tokenises\/","title":{"rendered":"JPMorgan et Citi lancent un r\u00e9seau de d\u00e9p\u00f4ts tokenis\u00e9s"},"content":{"rendered":"
\"\"<\/figure>

JPMorgan, Citi, Bank of America et Wells Fargo unissent leurs forces pour construire un r\u00e9seau de d\u00e9p\u00f4ts tokenis\u00e9s (Tokenized Deposit Network – TDN) afin de d\u00e9fier directement les stablecoins. Ce projet, qui transite par The Clearing House, vise un lancement au cours du premier semestre 2027, avec pour cible principale la R\u00e9serve f\u00e9d\u00e9rale.<\/p>

L’argumentaire officiel repose sur l’efficacit\u00e9 : un r\u00e8glement instantan\u00e9 24h\/24 et 7j\/7, des paiements programmables et une circulation mon\u00e9taire \u00e0 la vitesse de la blockchain.<\/p>

Cependant, le v\u00e9ritable enjeu est le contr\u00f4le. Si les banques d\u00e9tiennent la couche de r\u00e8glement tokenis\u00e9e, il n’y aura plus d’ouverture politique ou structurelle pour une monnaie num\u00e9rique de banque centrale (MNBC) de d\u00e9tail \u00e9mise par le gouvernement. De m\u00eame, les \u00e9metteurs de stablecoins se retrouveraient priv\u00e9s d’espace dans la pile de paiements institutionnels.<\/p>

Le tueur de stablecoins ? Ce que le TDN change r\u00e9ellement pour les banques<\/h2><\/span>

Un d\u00e9p\u00f4t tokenis\u00e9 n’est pas un nouvel actif. Il s’agit d’un d\u00e9p\u00f4t bancaire classique enregistr\u00e9 sur un registre partag\u00e9 plut\u00f4t que sur un registre bancaire cloisonn\u00e9. Il conserve le m\u00eame risque de cr\u00e9dit, le m\u00eame traitement r\u00e9glementaire et les m\u00eames normes comptables. Ce qui change, c’est l’infrastructure de r\u00e8glement.<\/p>

Les syst\u00e8mes Fedwire et RTP fonctionnent sur des cycles par lots ou des fen\u00eatres en temps quasi r\u00e9el avec des heures de coupure strictes. \u00c0 l’inverse, le TDN assure un r\u00e8glement on-chain en continu, y compris les week-ends et les jours f\u00e9ri\u00e9s f\u00e9d\u00e9raux.<\/p>

C’est pr\u00e9cis\u00e9ment dans cette faille que les stablecoins ont b\u00e2ti leur pertinence aupr\u00e8s des entreprises. Les \u00e9quipes de tr\u00e9sorerie effectuant des r\u00e8glements transfrontaliers en USDC ne se soucient pas de philosophie mon\u00e9taire ; elles constatent simplement que les rails de Circle fonctionnent le dimanche \u00e0 2 heures du matin, contrairement \u00e0 ceux de JPMorgan.<\/p>

Le TDN vient combler ce foss\u00e9 sans qu’un seul dollar ne sorte du syst\u00e8me bancaire r\u00e9glement\u00e9.<\/p>

L’infrastructure existe d\u00e9j\u00e0 de mani\u00e8re fragment\u00e9e. La plateforme Kinexys de JPMorgan traite des paiements institutionnels via le JPM Coin sur une blockchain priv\u00e9e.<\/p>

La banque a \u00e9galement lanc\u00e9 un jeton de d\u00e9p\u00f4t tokenis\u00e9 sur Base, le Layer 2 public de Coinbase, pour ses clients institutionnels plus t\u00f4t en 2026, ciblant les paiements transfrontaliers, la liquidit\u00e9 intrajournali\u00e8re et les paiements programmables. De son c\u00f4t\u00e9, le service Token Services<\/strong> de Citi r\u00e9alise des transferts num\u00e9riques en temps r\u00e9el entre New York, Londres et Hong Kong.<\/p>

Le TDN constitue la couche d’interop\u00e9rabilit\u00e9 qui relie ces efforts bancaires isol\u00e9s en un pool de liquidit\u00e9 institutionnel unique, cr\u00e9ant un r\u00e9seau de r\u00e8glement r\u00e9glement\u00e9 \u00e0 l’\u00e9chelle du syst\u00e8me bancaire am\u00e9ricain.<\/p>

David Watson, PDG de The Clearing House, a d\u00e9clar\u00e9 que le projet repr\u00e9sentait \u00ab une avanc\u00e9e majeure pour les pr\u00eateurs \u00bb<\/em> et que l’industrie faisait face \u00e0 un avenir \u00ab radicalement diff\u00e9rent \u00bb<\/em> concernant les paiements on-chain.<\/p>

Cette formulation est exacte, mais elle est aussi strat\u00e9giquement opportune. Les banques \u00e0 l’origine de ce r\u00e9seau sont les institutions qui seraient les plus p\u00e9nalis\u00e9es par une MNBC gouvernementale ou par un stablecoin captant les flux de dollars institutionnels.<\/p>

Contrer la MNBC : un timing r\u00e9glementaire calcul\u00e9<\/h2><\/span>

L’app\u00e9tit du Congr\u00e8s pour une MNBC de d\u00e9tail \u00e9mise par la R\u00e9serve f\u00e9d\u00e9rale est proche de z\u00e9ro. Les pr\u00e9occupations li\u00e9es \u00e0 la surveillance, le marquage politique et l’opposition des deux partis ont effectivement bloqu\u00e9 toute avanc\u00e9e directe. Les banques le savent, et le TDN est calibr\u00e9 pour exploiter cette situation.<\/p>

Si le secteur priv\u00e9 parvient \u00e0 offrir un r\u00e8glement en dollars tokenis\u00e9s 24h\/24 et 7j\/7 via des d\u00e9p\u00f4ts bancaires r\u00e9glement\u00e9s, l’argument politique en faveur d’un dollar num\u00e9rique d’\u00c9tat s’effondre.<\/p>

La Fed obtient ainsi une infrastructure de paiement modernis\u00e9e sans la responsabilit\u00e9 politique li\u00e9e \u00e0 l’\u00e9mission d’une MNBC de d\u00e9tail. Les banques conservent les d\u00e9p\u00f4ts dans leur syst\u00e8me, tandis que les \u00e9metteurs de stablecoins subissent une forte pression. Dans ce sc\u00e9nario, tous les acteurs du syst\u00e8me bancaire r\u00e9glement\u00e9 sont gagnants, \u00e0 l’exception de Tether et Circle.<\/p>

L’avancement du CLARITY Act \u00e0 Washington ajoute un second vecteur de pression. Les banques restent oppos\u00e9es aux dispositions de cette loi qui permettraient aux stablecoins de proposer des fonctionnalit\u00e9s productrices d’int\u00e9r\u00eats, des produits qui concurrenceraient directement les taux des d\u00e9p\u00f4ts bancaires.<\/p>

Un r\u00e9seau TDN op\u00e9rationnel facilite ce combat : si les banques proposent d\u00e9j\u00e0 des d\u00e9p\u00f4ts programmables, natifs de la blockchain et b\u00e9n\u00e9ficiant de protections \u00e9quivalentes \u00e0 celles de la FDIC, l’argument politique pour autoriser des \u00e9metteurs non bancaires \u00e0 verser des int\u00e9r\u00eats s’affaiblit consid\u00e9rablement.<\/p>

Shahmir Khaliq, responsable des services chez Citi, a d\u00e9crit le r\u00e9seau comme \u00ab une autre \u00e9tape qui consolide efficacement \u00bb<\/em> le r\u00f4le des banques dans le financement, la gestion mon\u00e9taire et les march\u00e9s de capitaux. Il ne s’agit pas l\u00e0 d’une simple description de produit, mais d’une v\u00e9ritable revendication territoriale.<\/p>

Ce que les banques prot\u00e8gent r\u00e9ellement, c’est la couche de transmission mon\u00e9taire, l’infrastructure par laquelle la liquidit\u00e9 en dollars s’\u00e9coule de la R\u00e9serve f\u00e9d\u00e9rale vers l’\u00e9conomie r\u00e9elle. Si cette couche se tokenise sur des rails appartenant aux banques, elles conserveront leur statut de gardiennes du temple dans un syst\u00e8me financier natif de la blockchain.<\/p>","protected":false},"excerpt":{"rendered":"

JPMorgan, Citi et Bank of America s’unissent pour lancer le TDN d’ici 2027, une infrastructure blockchain visant \u00e0 supplanter les stablecoins institutionnels.<\/p>\n","protected":false},"author":759,"featured_media":181091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"editors":[2551],"sponsored_companies":[],"class_list":["post-181097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","editors-julien-leroy"],"acf":[],"yoast_head":"\nJPMorgan et Citi lancent un r\u00e9seau de d\u00e9p\u00f4ts tokenis\u00e9s<\/title>\n<meta name=\"description\" content=\"JPMorgan, Citi et Bank of America s'unissent pour lancer le TDN d'ici 2027, une infrastructure blockchain visant \u00e0 supplanter les stablecoins institutionnels.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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