US Banking Groups Launch BankChain Alliance
Thirty-nine US state banking associations have formed the BankChain Alliance, an initiative to build a bank-operated blockchain network supporting smart payments, tokenized deposits and stablecoins.
The network is expected to be developed by 2027 and will be “industry-owned, industry-designed and industry-governed,” representing thousands of banks across the United States.
The alliance said the blockchain will provide a secure and regulated infrastructure that allows banks of all sizes to offer modern digital financial services while remaining interoperable with other networks. The group is currently seeking a technology partner to build the platform.
The initiative highlights the banking sector’s accelerating adoption of blockchain technology following years of tension with the crypto industry over issues including stablecoin regulation and yield.
It follows a separate move by Swift, which recently announced that 17 major banks, including Citi, BNY and Wells Fargo, would begin testing tokenized asset transactions on its blockchain-based ledger.
Thirty-nine US state banking associations have formed the BankChain Alliance, an initiative to build a bank-operated blockchain network supporting smart payments, tokenized deposits and stablecoins.
The network is expected to be developed by 2027 and will be “industry-owned, industry-designed and industry-governed,” representing thousands of banks across the United States.
The alliance said the blockchain will provide a secure and regulated infrastructure that allows banks of all sizes to offer modern digital financial services while remaining interoperable with other networks. The group is currently seeking a technology partner to build the platform.
The initiative highlights the banking sector’s accelerating adoption of blockchain technology following years of tension with the crypto industry over issues including stablecoin regulation and yield.
It follows a separate move by Swift, which recently announced that 17 major banks, including Citi, BNY and Wells Fargo, would begin testing tokenized asset transactions on its blockchain-based ledger.