39 State Banking Associations Unite for Regulated Stablecoin Network

Thirty-nine U.S. state banking associations have banded together to create a parallel stablecoin network, dubbed the BankChain Alliance.

The alliance's goal is to bring tokenized deposits and smart payments into the regulated fold by 2027, with an initial focus on aggregating $6.6 trillion in existing deposits currently under threat from crypto-native stablecoins.

Kathy Kraninger, former CFPB director and current CEO of the Florida Bankers Association, has been appointed as interim chair to ensure the project's regulatory legitimacy.

The alliance is currently in a selection process to choose its technology partner, with the 2027 launch target being ambitious given the technical challenges ahead.