Banking associations from 39 U.S. states formed the BankChain Alliance to develop a blockchain infrastructure shared by the country's financial institutions. The group announced the initiative on Tuesday (25) and intends to put the network into operation in 2027.
The platform is expected to allow banks to offer services such as tokenized deposits, stablecoins, programmable payments, and automated settlement. The alliance says the network will be controlled by the banking sector itself and designed to operate interoperably with other blockchain networks.
The participating associations represent thousands of financial institutions that serve consumers and businesses in the United States. Banks from different regions of the country may be invited to acquire a stake in the infrastructure.
The BankChain Alliance is still choosing the technology partner responsible for supporting the development of the platform. The statement does not identify banks that have already confirmed individual participation nor does it detail the financing model or the governance structure that will be adopted.
Kathy Kraninger, interim president of the BankChain Alliance and president and CEO of the Florida Bankers Association, said the proposal is to allow institutions of different sizes to jointly develop their own infrastructure for digital financial services.
The initiative comes amid a broader movement by American banks to bring deposits and payments onto blockchain-based infrastructures while keeping operations within the regulated banking system.
Banks advance with tokenized deposits
In June, The Clearing House announced a separate initiative to allow the clearing and settlement of tokenized deposits between banks and connect transactions carried out on blockchain to traditional payment networks.
The project received support from institutions such as JPMorgan Chase, Bank of America, BNY, Citi, and Wells Fargo. The proposal includes settlement available 24 hours a day, programmable payments, and integration with systems such as RTP and CHIPS.
Tokenized deposits digitally represent values held in a financial institution. Unlike stablecoins issued by independent companies, they remain tied to commercial bank money and the issuing bank's balance sheet.
Regional institutions are also moving in this direction. Cari reported in July that its tokenized deposit network already brought together more than 30 banks, in addition to another 40 institutions in discussions to participate. The company is preparing a pilot with six partner banks.
Community banks also created the DTX Consortium, an initiative linked to the Independent Bankers Association of Texas. In June, the association said the group had already surpassed 50 participating banks and advocated for an interoperable infrastructure for tokenized deposits.
The BankChain Alliance expands this movement by bringing together state associations into a single national structure. The published list includes entities from states such as Florida, Texas, New Jersey, Pennsylvania, Washington, and Wisconsin, with the network launch scheduled for 2027.
