TLDR
- Thirty-nine U.S. state banking associations have formed the BankChain Alliance to build a bank-owned blockchain network
- The network is targeting a 2027 launch and will support stablecoins, tokenized deposits, and smart payments
- Kathy Kraninger, former CFPB director and Florida Bankers Association CEO, is serving as interim chair
- The alliance is still searching for a technology partner and plans to make the network interoperable with other blockchains
- BankChain joins several other bank-led blockchain initiatives already underway across the U.S.
Thirty-nine U.S. state banking associations have joined together to form the BankChain Alliance, a new initiative to build a nationwide, industry-owned blockchain network for banks. The group announced the project on Tuesday and is targeting a 2027 launch.
JUST IN: 39 U.S. state banking associations are joining forces to build a nationwide, bank-run blockchain network.
The “BankChain Alliance” is targeting a 2027 launch and will support regulated stablecoins, tokenized deposits and smart payments.
The industry-owned network… pic.twitter.com/GeqqNZ4kwq
— Coin Bureau (@coinbureau) August 25, 2026
The network is designed to support smart payment tools, tokenized deposits, stablecoins, and automated settlement. The alliance describes it as “industry-owned, industry-designed and industry-governed.”
Kathy Kraninger is leading the project as interim chair. She is the CEO of the Florida Bankers Association and previously served as director of the Consumer Financial Protection Bureau.
Kraninger said the network will be a secure, regulated platform that allows banks of all sizes to offer modern financial services. She said it is designed to serve customers in rural, urban, and regional communities across the country.
The alliance said it plans to make the network interoperable with other blockchains. It is currently in the process of selecting a technology partner to build the infrastructure.
The participating associations represent thousands of financial institutions across the United States. BankChain said it will invite banks nationwide to take ownership stakes in the network.
The announcement did not name individual banks that have committed to join. It also did not disclose details about how the network will be governed or funded.
A Growing Field of Bank-Led Blockchain Networks
BankChain is entering a space that has seen growing activity. Several other U.S. bank-led blockchain initiatives have been announced or expanded since late 2025.
In June, The Clearing House announced an onchain payment initiative backed by JPMorgan Chase, Bank of America, Citi, BNY, and Wells Fargo. That network would clear and settle tokenized deposits between banks.
Regional lenders are building a separate network called Cari, developed with Huntington, First Horizon, M&T Bank, KeyBank, and Old National. Cari launched a minimum viable product in March and had more than 30 banks participating by July.
Community banks formed the DTX Consortium through the Independent Bankers Association of Texas. Membership exceeded 50 banks by June as the group prepared a tokenized deposit pilot.
Stablecoin Policy Also Shaping the Landscape
Stablecoin developers have also moved toward consortium models. In June, Open Standard named more than 140 companies linked to Open USD, a dollar-backed stablecoin expected to launch later in 2026.
Last month, Swift announced that 17 banks, including Citi, BNY, and Wells Fargo, would begin testing tokenized digital asset transactions on its blockchain-based ledger.
In April, banking groups pushed back on regulations tied to last year’s GENIUS Act, which governs stablecoin issuers.
Tokenized deposits differ from independently issued stablecoins. They represent claims on individual banks and are treated as commercial bank money, allowing for programmable transfers while keeping customer funds on bank balance sheets.
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