Banks Unite to Build Their Own Blockchain Network

A coalition of 39 state banking trade groups has formed the BankChain Alliance to develop a shared blockchain network for community and regional banks in the US. The proposed network aims to support tokenized deposits, stablecoins, programmable payments, and automated settlement for thousands of financial institutions.

The alliance says the shared network will help banks of all sizes adopt blockchain-based services while maintaining existing regulatory standards. 'Through an unprecedented collaboration representing thousands of banks, BankChain Alliance is developing a secure, regulated, industry-built and industry-owned network,' said Kathy Kraninger, interim chair of the BankChain Alliance.

The coalition includes associations from major markets such as Texas, Florida, Georgia, and Pennsylvania, as well as smaller markets like Maine, Vermont, Hawaii, Idaho, North Dakota, South Dakota, and Wyoming. The alliance is targeting a 2027 launch but has yet to name a technology provider or disclose its architecture, governance structure, or regulatory framework.