US Banks Unite to Build Shared Blockchain Network
Nearly four decades of state banking trade groups have joined forces to create a shared blockchain network for community and regional banks in the US.
The BankChain Alliance, announced on Tuesday, aims to support tokenized deposits, stablecoins, programmable payments, and automated settlement for thousands of financial institutions by 2027.
According to Kathy Kraninger, Interim Chair of the BankChain Alliance and Florida Bankers Association President and CEO, 'Through an unprecedented collaboration representing thousands of banks, BankChain Alliance is developing a secure, regulated, industry-built and industry-owned network that allows institutions of all sizes to provide modern capabilities so they can continue serving customers safely and efficiently in rural, urban and regional communities across the country.'
The alliance includes associations from states such as Texas, Florida, Georgia, the Carolinas, Pennsylvania, Massachusetts, Michigan, Wisconsin, Washington, and Oregon.