Banking Associations in 39 States Form BankChain Alliance for Blockchain Network

Banking associations in 39 US states have formed the BankChain Alliance to build an industry-owned blockchain network for digital financial services. The alliance aims to support stablecoins, tokenized deposits, and smart payments through a secure and regulated network.

The project brings together banking associations from across the country and thousands of banks under those groups. According to interim project chair Cathy Kranninger, the goal is to help banks serve customers safely and efficiently regardless of region or size.

US banks have recently expanded efforts to apply blockchain technology to existing financial infrastructure. The BankChain Alliance plans to ensure interoperability with other networks and is currently looking for a technology partner to build the system.