Thirty-nine state banking trade groups have formed the BankChain Alliance, a coalition that plans to develop a shared blockchain network owned and governed by banks. The initiative aims to support thousands of community and regional financial institutions across the United States.
Announced on Tuesday, the proposed network is targeting a 2027 launch. It intends to support tokenized deposits, stablecoins, programmable payments, and automated settlement. According to the alliance, the shared infrastructure is designed to help banks of all sizes adopt blockchain-based services while adhering to established regulatory standards.
Kathy Kraninger, interim chair of the BankChain Alliance and president and CEO of the Florida Bankers Association, stated that the collaboration aims to provide secure, regulated, and industry-owned capabilities for institutions serving urban, rural, and regional communities.
Participating organizations span the country, including associations from Texas, Florida, Georgia, the Carolinas, Pennsylvania, Massachusetts, Michigan, Wisconsin, Washington, Oregon, Maine, Vermont, Hawaii, Idaho, North Dakota, South Dakota, and Wyoming, alongside the Ohio Bankers League.
As of the announcement, the alliance has not selected a technology provider or disclosed specific details regarding its blockchain architecture, interoperability, governance structure, or regulatory framework. It also has not yet named individual participating banks or detailed how tokenized deposits and stablecoins will be issued and settled.
The formation of the alliance follows various recent blockchain and tokenized-deposit initiatives across the financial sector. Other recent projects include interoperable platforms and deposit tokens introduced by Custodia Bank, Vantage Bank Texas, JPMorgan, BNY, and cross-border testing efforts involving multiple global banks through Swift.
