Banking Associations Across 39 U.S. States to Build ‘BankChain’ Blockchain

Banking associations across 39 U.S. states are building a bank-owned blockchain network to support digital financial services including stablecoins and tokenized deposits. The project, launched under the name “BankChain Alliance,” targets network operation by 2027.

According to a statement released on the 25th (local time), the project involves 39 state banking associations and thousands of member banks. The network will be built under an “industry-owned, industry-designed, industry-governed” structure, directly owned, designed, and operated by the banking industry. It is intended to support blockchain-based financial services such as smart payments, tokenized deposits, and stablecoins.

Kathy Kraninger, president of the Florida Bankers Association and interim chair of the project, said: “We will build a safe and regulated network that enables financial institutions of all sizes to offer modern financial services.” She added that the goal is “to enable banks, regardless of geography or size, to serve their customers safely and efficiently.” Kraninger, a former director of the Consumer Financial Protection Bureau (CFPB), described the project as “an unprecedented collaboration involving thousands of banks.”

The alliance is currently seeking technology partners to handle system development. It also plans to ensure interoperability with other networks.

Blockchain adoption efforts have been accelerating across the U.S. banking sector. Swift, the international banking payment network, announced last month that it would test real transactions of tokenized digital assets on a blockchain-based ledger with 17 banks including Citi, BNY, and Wells Fargo.

However, the banking sector and the crypto industry have remained at odds over stablecoin regulation. U.S. banking groups in April called for slowing the implementation of follow-up regulations to the GENIUS Act, which governs stablecoin issuers. Against this backdrop, the banking industry’s decision to support stablecoins through its own blockchain signals a direct entry into the digital finance market.