US Banks Form BankChain Alliance for Blockchain Network

Thirty-nine US state banking associations have formed the BankChain Alliance to develop an industry-owned blockchain network for banks. The alliance plans to build bank-owned infrastructure for tokenized deposits, stablecoins, and programmable payments.

The participating associations are currently selecting a technology partner and intend for the network to be interoperable with other networks.

According to Kathy Kraninger, interim chair of BankChain Alliance and president and CEO of the Florida Bankers Association, the initiative is intended to allow financial institutions of different sizes to provide modern banking functionality while continuing to serve customers and communities.