Bankers Associations Unite to Build Industry-Owned Blockchain Network
Bankers associations from 39 U.S. states have joined forces to create BankChain Alliance, an industry-owned blockchain network aimed at issuing tokenized deposits and bank-backed stablecoins.
Kathy Kraninger, president and CEO of the Florida Bankers Association, is serving as interim chair of the alliance, which plans to launch in 2027 with no technology vendor yet chosen.
The network will enable banks of all sizes to issue tokenized deposits and bank-backed stablecoins under their own governance. The alliance's goal is to provide a secure, regulated, and industry-built network that supports innovation while preserving existing banking rules.
This is the fourth bank-led push into tokenized deposits in just eight months, following efforts by The Clearing House and Cari Network. Corey LeBlanc, co-founder and chief technology officer of Locality Bank, said state associations chose to build their own network rather than default to existing options because governance mattered as much as access to the technology.
The alliance's focus on governance is driven by a desire for ownership and voice in decision-making processes. The effort also comes at a time when Congress has stalled the CLARITY Act, which aims to set clearer digital-asset market-structure rules.