Key facts
- Thirty-nine US state banking associations have formed the BankChain Alliance.
- The alliance aims to launch a nationwide blockchain network for banks by 2027.
- The network will support tokenized deposits, stablecoins, and automated settlement.
- BankChain intends for the network to be interoperable with other blockchains.
- Details on governance, funding, and specific participating banks were not disclosed.
Thirty-nine U.S. state banking associations have united to form the BankChain Alliance, a collaborative effort to construct a nationwide blockchain network specifically for banks. The initiative is targeting a launch in 2027, with the goal of facilitating smart payment tools, tokenized deposits, stablecoins, and automated settlement processes within the regulated banking system.
BankChain has stated its intention for the network to be interoperable with other existing blockchains and is in the process of selecting a technology partner. The alliance represents thousands of financial institutions across the United States and plans to offer ownership stakes to banks nationwide. However, specific details regarding individual bank commitments, the network's governance structure, and its funding model have not yet been disclosed.
This development places BankChain within a growing landscape of bank-led initiatives focused on building shared onchain payment infrastructure. In June, The Clearing House unveiled its own onchain money initiative, backed by major players like JPMorgan Chase, Bank of America, and Wells Fargo, aiming to connect tokenized deposits with existing payment systems. Tokenized deposits, unlike independently issued stablecoins, are designed to represent claims on individual banks and maintain their status as commercial bank money, enabling programmable, round-the-clock transfers while keeping customer funds on bank balance sheets.
Regional lenders are also advancing their own network through Cari, which has already launched a minimum viable product and attracted over 30 participating banks. Similarly, community banks have formed the DTX Consortium, with membership exceeding 50 banks as they prepare for a tokenized-deposit pilot. Even stablecoin developers are exploring consortium models, with Open Standard announcing its Open USD project, which aims to offer fee-free minting and redemption for businesses.