US Banks Join Forces to Create Industry-Owned Blockchain Network
BankChain Alliance, an industry-owned blockchain network, is being developed by 39 state banking associations in the United States. The initiative aims to create a secure and modern payment system for banks of all sizes, preserving local lending across the country.
The BankChain Alliance will enable participating banks to develop tokenized deposits, stablecoins, programmable payments, and automated clearing without relying on external platforms or cryptocurrency companies.
The project is currently in its planning phase, with a target launch date set for 2027. The alliance is selecting a technology partner and has established a governance structure, industrial direction, and clear objectives.
BankChain Alliance differs from the large banks' blockchain initiatives, as it is focused on creating an infrastructure that is owned and controlled by the banking industry. This approach allows participating banks to have a say in defining the infrastructure and its rules, giving them more control over their operations.