BankChain Alliance Aims for Nationwide Blockchain Network by 2027

Thirty-nine US state banking associations have joined forces to launch the BankChain Alliance. The group aims to create a nationwide blockchain network that supports tokenized deposits, stablecoins, and automated settlement.

The alliance plans to launch the network by 2027, which will provide shared infrastructure for multiple banks to use together. This is not the first bank-led blockchain project - several others have already been announced or are underway, including The Clearing House's onchain money project and Cari's regional banking effort.

BankChain says its network will be compatible with other blockchains, allowing it to connect with different systems. However, details about how the network will be governed and funded remain unclear.

The participating banking associations represent thousands of financial institutions across the country. While individual banks have not been named as confirmed members yet, the group is currently choosing a technology partner to help build the network.