US Banks Form BankChain Alliance to Build Blockchain Network

A significant shift is taking place in the banking industry as US banks increasingly adopt blockchain technology. Thirty-nine US state bankers associations have formed the BankChain Alliance, an initiative aimed at building a common blockchain network capable of supporting stablecoins, tokenised bank deposits, smart payments, and automated settlement.

The alliance represents thousands of financial institutions across the US, providing smaller and regional banks with access to blockchain capabilities that would otherwise require substantial individual investment. The BankChain Alliance is currently selecting a technology partner and targeting a launch during 2027.

Banks are no longer debating whether blockchain will have a role in payments; instead, they are deciding who will control the infrastructure. The proposed network will be 'industry-owned, industry-designed, and industry-governed', distinguishing it from blockchain platforms controlled by individual technology companies or large financial institutions.