Banking Associations Unite on Nationwide Blockchain Network
Thirty-nine US state banking associations have formed the BankChain Alliance to build a nationwide blockchain network for banks. The goal is to launch the system by 2027, allowing banks to use shared infrastructure and support tokenized deposits, stablecoins, and automated settlement.
The BankChain network will be designed to work with other blockchains, enabling connection between different systems. However, details on governance and funding remain unclear. No individual banks have been confirmed as members yet.
This is not the first bank-led blockchain project in the US. The Clearing House announced its own on-chain money project in June, involving major banks such as JPMorgan Chase and Bank of America. Cari, a regional bank-led effort, also launched an early version of its network in March, with over 30 banks already on board.
Tokenized deposits represent claims on specific banks rather than separate digital assets, allowing banks to offer transfers that work at any time of day and payments programmed to follow set rules automatically.