Banks Unite Against Crypto: BankChain Alliance Seeks On-Chain Finance
A group of 39 state bankers associations has formed the BankChain Alliance to establish a blockchain network where commercial banks will have ownership. The initiative aims to provide on-chain finance for small banks and their clients, bypassing crypto firms.
The project's leaders, including Locality Bank's co-founder Corey LeBlanc, Utah Bankers Association executive director Howard Headlee, and Florida Bankers Association head Kathy Kraninger, want banks of all sizes to access the same network and vote on what gets built on top of it. This is in contrast to existing blockchain networks that are controlled by outside vendors.
The BankChain Alliance has completed a request-for-proposal round and plans to go live in 2027. The initiative faces competition from other bank-led chains, including the Cari Network, Hazel, and The Clearing House's tokenized-deposit network.