Thirty-nine state banking trade groups have formed the BankChain Alliance, a coalition building a shared blockchain network for community and regional banks. The network is targeting a 2027 launch and would support tokenized deposits, stablecoins, programmable payments, and automated settlement, but the alliance has not named a technology provider or disclosed its governance structure.
A bank-owned network, still without a blueprint
Thirty-nine state banking trade groups announced the BankChain Alliance on Tuesday, a coalition planning a shared blockchain network for community and regional banks. The proposed system would support tokenized deposits, stablecoins, programmable payments, and automated settlement for thousands of U.S. financial institutions.
The alliance is targeting a 2027 launch but has yet to name a technology provider, blockchain, governance model, or participating banks. It says the shared network would help banks of all sizes adopt blockchain-based services while maintaining existing regulatory standards.
According to Decrypt: Interim Chair Kathy Kraninger, also president and CEO of the Florida Bankers Association, described the effort as "a secure, regulated, industry-built and industry-owned network."
Wide geographic reach, few technical details
Participating associations span Texas, Florida, Georgia, the Carolinas, Pennsylvania, Massachusetts, Michigan, Wisconsin, Washington, and Oregon, alongside smaller-market groups from Maine, Vermont, Hawaii, Idaho, North Dakota, South Dakota, and Wyoming. Ohio is represented by the Ohio Bankers League, while every other participant is organized as a state bankers association.
The alliance says banks will be able to own the network, but it did not give specifics on interoperability, whether it will run on a specific blockchain like XRP, Ethereum, or Solana, or how tokenized deposits and stablecoins would be issued and settled. The BankChain Alliance did not immediately respond to Decrypt's request for comment.
Banks have tested tokenized deposits for years
Banks and payment providers have spent years testing blockchain-based deposits and round-the-clock settlement. In October, Custodia Bank and Vantage Bank Texas introduced an interoperable tokenized-deposit platform for U.S. banks. The following month, JPMorgan launched its JPMD deposit token on Base for institutional clients, with plans to expand to other networks and currencies.
In January, BNY announced a private, permissioned platform for tokenized deposits, initially for collateral and margin transactions. In July, Swift said 17 global banks would test tokenized-deposit transfers outside traditional banking hours.
Source: Decrypt
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