Thirty-nine US state banking associations have formed the BankChain Alliance to build a nationwide, industry-owned blockchain network for banks, targeting a 2027 launch. The initiative was announced on Tuesday.
The network is intended to support smart payment tools, tokenized deposits, stablecoins, and automated settlement. BankChain stated that it plans for the network to be interoperable with other blockchains and is currently selecting a technology partner.
The participating associations represent thousands of financial institutions across the United States. BankChain indicated that it will invite banks nationwide to take ownership of stakes. However, the announcement did not name individual banks that have committed to joining, nor did it disclose how the network will be governed or funded. Cointelegraph reached out to BankChain for more information but did not receive a response prior to publication.
BankChain joins several other US bank-led networks announced or advanced since late 2025. These efforts span major, regional, and community lenders building shared infrastructure to move deposits and payments onchain within the regulated banking system.
In June, The Clearing House announced an onchain money initiative supported by JPMorgan Chase, Bank of America, Citi, BNY, and Wells Fargo. That proposed network aims to clear and settle tokenized deposits between banks and connect blockchain activity with existing payment systems.
Regional lenders are pursuing a separate network through Cari, which was developed with Huntington, First Horizon, M&T Bank, KeyBank, and Old National. Cari launched a minimum viable product in March and had attracted more than 30 participating banks by July.
Additionally, community banks have formed the DTX Consortium through the Independent Bankers Association of Texas (IBAT). IBAT reported in June that membership had exceeded 50 banks as the group prepared a tokenized-deposit pilot.
Stablecoin developers are also utilizing consortium models. In June, Open Standard named more than 140 payments, banking, technology, and crypto companies connected to Open USD, a dollar-backed stablecoin expected to launch later in 2026. The project plans to offer businesses fee-free minting and redemption while distributing reserve earnings to participating companies.
