US Banks Unite Behind Nationwide Blockchain Network
Nearly 40 US state banking associations have formed the BankChain Alliance to develop a nationwide blockchain network for banks, aiming to launch in 2027. The proposed network will support smart payment tools, tokenized deposits, stablecoins, and automated settlement.
The participating associations represent thousands of financial institutions across the US. BankChain plans to invite banks nationwide to take ownership of stakes in the network.
This move is part of a growing trend among US banks to build shared onchain payment networks. The Clearing House announced an onchain money initiative with major lenders JPMorgan Chase, Bank of America, Citi, BNY, and Wells Fargo in June. Regional lenders are also pursuing their own network through Cari, which launched a minimum viable product in March.