Last week Jack Henry said it will become the first core banking technology provider to integrate with Google Cloud Universal Ledger (GCUL), Google’s distributed ledger offering. The integration would enable Jack Henry’s client banks and credit unions to offer tokenized deposits. Jack Henry sells core banking software to community banks and credit unions, more than 7,200 of them. However, the announcement named no client bank and no launch date. The GCUL deal is an expansion of an existing relationship with Google Cloud.
This is only the third collaborative initiative we’re aware of for GCUL. It came out of the gate with a joint project with the CME focused on wholesale payments and asset tokenization, with a view to 24/7 settlement. Canada’s BMO was later announced as the first bank on CME’s tokenized cash solution, though that remains pending regulatory approval for H2 2026. In Switzerland, AMINA Bank, Incore Bank and Deutsche Börse’s Crypto Finance have been running trials, with the second round in April settling live client transactions in a production environment.
The timing of the partnership is notable. Momentum for tokenized deposits is gathering in the US, not least in the community banking sector where concerns about deposit retention have been sharpened by the fight over stablecoin yield in the CLARITY Act. ICBA has framed it as a $1.3 trillion deposit flight risk. There are multiple community bank initiatives including the Hazel Network and Cari Network, alongside offerings from Jack Henry’s competitors FIS and Fiserv. Earlier this year Jack Henry conducted a survey that showed 11% of its clients are exploring tokenized deposits. That figure will have grown since. A more recent survey from the Conference of State Bank Supervisors (CSBS) found almost 4% already had a solution with around 17.5% planning one in the next 12 months.
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