39 US state banking groups form BankChain Alliance for 2027 blockchain launch

Thirty-nine U.S. state bankers associations have formed BankChain Alliance to develop a bank-owned blockchain network for tokenized deposits, stablecoins, smart payments and automated settlement, with a launch targeted for 2027. Summary BankChain Alliance has brought together 39 state banking associations representing 3,283 banks and $21.8 trillion in assets. The planned 2027 network will support tokenized deposits, stablecoins, smart payments and automated settlement. BankChain is selecting a technology partner, while individual banks have not yet automatically committed to joining the network. Banks nationwide will be invited to become owners, with the network designed and governed by the banking industry. The project is developing alongside other bank-led tokenized deposit networks planned by The Clearing House and major US banks. BankChain Alliance said in its Aug. 25 announcement that the proposed network will be designed, governed and owned by the banking industry, while banks across the United States will be invited to become owners as the group works through its technology selection process. Still in its development stage, BankChain is not operating a payments network yet. ...