US Banks Unite for Nationwide Blockchain Network Targeting 2027 Launch

Thirty-nine US state bankers associations have joined forces to create the BankChain Alliance, an industry-owned and governed blockchain network set to launch in 2027. The alliance represents 3,283 banks holding over $21 trillion in assets as of March 31.

The goal is to provide a secure, regulated network for institutions to serve customers across the country, according to interim chair Kathy Kraninger, a former director of the Consumer Financial Protection Bureau. She stated that 'this is about banks of all sizes building their own future.'

The alliance plans to develop smart payment tools, tokenized deposits, stablecoins, and automated settlement on its network.

A rigorous selection process is underway for a technology partner, with compliance being the top priority. The chosen partner will take an ownership stake in the network.