U.S. Banks Unite for Shared Blockchain Infrastructure

Thirty-nine U.S. state banking associations have joined forces to create BankChain Alliance, a shared blockchain infrastructure that will support tokenized deposits, stablecoins, smart payments, and automated settlement.

The initiative aims to bring modern financial services to banks nationwide without abandoning their role in local communities, according to Kathy Kraninger, president and CEO of the Florida Bankers Association, who serves as interim chair of the alliance.

BankChain is currently selecting a technology partner and has not disclosed a specific provider, nor announced a testing schedule, activation date, consensus mechanism, or detailed governance structure.

The network plans to be interoperable with other blockchain networks, making it a potential game-changer for traditional financial institutions exploring blockchain-based payment infrastructure.