US Banking Associations Unite for Nationwide Blockchain Network

A new alliance of US state banking associations has launched the BankChain Alliance to build a nationwide blockchain network for banks.

The alliance aims to launch the network by 2027 and will create shared infrastructure that many banks can use together. The network will support smart payment tools, tokenized deposits, stablecoins, and automated settlement, according to BankChain.

BankChain has not named a technology partner yet but is currently choosing one to help build the network. The participating banking associations represent thousands of financial institutions across the country, although no individual banks have been confirmed as members so far.