US state banking groups plan nationwide blockchain network for 2027
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Thirty-nine US state banking associations have created the BankChain Alliance to develop a nationwide, industry-owned blockchain network for banks, aiming for a 2027 launch. The network will support smart payment tools, tokenized deposits, stablecoins, and automated settlement. BankChain plans interoperability with other blockchains and is selecting a technology partner, though no specific banks or governance and funding details have been disclosed.
Why it matters
The alliance's network could enable banks across the US to move deposits and payments onchain within the regulated system, potentially enhancing payment efficiency and programmability. The source does not explicitly state the broader impact but notes this effort is part of a trend where major, regional, and community banks build shared blockchain infrastructure.
Key context
BankChain follows several US bank-led blockchain initiatives, including The Clearing House’s onchain money project supported by top banks like JPMorgan Chase and Bank of America, as well as regional and community bank-led networks such as Cari and the DTX Consortium. These projects focus on tokenized deposits, which are claims on individual banks and retain commercial bank money status, enabling programmable, 24/7 transfers with customer funds on bank balance sheets.
Key numbers and entities
Thirty-nine US state banking associations formed the BankChain Alliance. Other relevant entities include The Clearing House, JPMorgan Chase, Bank of America, Citi, BNY, Wells Fargo, Cari (with Huntington, First Horizon, M&T Bank, KeyBank, Old National), the Independent Bankers Association of Texas, and Open Standard. No individual banks are named as committed BankChain participants.
What remains unclear
The announcement does not specify which individual banks have committed to BankChain, nor does it detail the governance structure or funding model for the network. The identity of the technology partner is also undisclosed, and further information from BankChain was not received before publication.