BankChain Alliance Forms Coalition for 2027 Blockchain Network Launch
Nearly forty US state banking associations have formed the BankChain Alliance to develop a bank-owned blockchain network for tokenized deposits, stablecoins, smart payments and automated settlement. The network is set to launch in 2027, with 39 state associations representing 3,283 banks and $21.8 trillion in assets already on board.
BankChain plans to support tokenized deposits, stablecoins, programmable payments and automated settlement, making the network interoperable with other systems. However, the underlying blockchain architecture or technical framework has not been disclosed yet.
The project's chair, Kathy Kraninger, said that BankChain is about 'banks of all sizes building their own future.' The alliance aims to give banks equal access to a network they own and have a say in its governance. However, individual banks have not yet automatically committed to joining the network unless separately indicated.
BankChain joins other bank-led tokenized deposit projects, including The Clearing House and Wells Fargo's initiatives. These projects aim to provide corporate customers with tokenized commercial bank money and support international payments outside conventional banking hours.