Thirty-nine US state banking associations created the BankChain alliance to build a nationwide blockchain network owned by the banking industry, with a launch in 2027.
On Tuesday, the alliance announced that the network would support smart-payment tools, tokenized deposits, stablecoins, and automated settlements. BankChain said it plans to ensure the network’s compatibility with other blockchains and is currently selecting a technology partner.
Participating associations represent thousands of financial institutions across the United States. In BankChain stated that they would invite banks from across the country to take an equity stake in the project. The announcement did not mention specific banks that confirmed their intention to join, nor did it disclose how the network would be governed and funded.
BankChain is joining several networks that US banks announced or began developing since late 2025. These projects cover large, regional and local lenders building shared infrastructure to move deposits and perform on-chain payments within a regulated banking system.
Cointelegraph reached out to BankChain for additional information, but did not receive a response by publication.
US banks are creating shared on-chain networks for payments
In June, The Clearing House announced an initiative in on-chain money that was backed by JPMorgan Chase, Bank of America, Citi, BNY and Wells Fargo. The proposed network would carry out clearing and settlement of tokenized deposits between banks and connect blockchain activity with the organization’s existing payment systems.
Unlike independently issued stablecoins, tokenized deposits are claims against specific banks that retain the status of commercial bank money. This setup allows banks to offer programmable transfers at any time while keeping customers’ funds on their own balance sheets.
Regional lenders are developing a separate network through Cari, created with the participation of Huntington, First Horizon, M&T Bank, KeyBank and Old National. In March, Cari launched a minimum viable product, and by July more than 30 banks had joined the project.
Local banks have also created a DTX consortium through the Texas Independent Bankers Association. IBAT said in June that the number of participants exceeded 50 banks: the group was preparing for a pilot project for tokenized deposits.
Stablecoin developers are also moving toward consortium models. In June, Open Standard mentioned more than 140 payment, banking, technology and crypto companies in connection with Open USD—a dollar-backed stablecoin expected to be launched later in 2026.
The project plans to offer companies free issuance and redemption of tokens, directing revenues from reserves to participating companies.