Thirty-nine US state banking associations are planning to launch a nationwide blockchain network for banks, with the aim of supporting smart payments, tokenized deposits and stablecoins, according to a statement from the groups.
Source: Bankchainalliance.com
The initiative, called the “BankChain Alliance”, is expected to develop the blockchain network by next year. The groups describe it as an industry-owned and industry-governed project designed to help banks adopt new financial technologies within a regulated environment.
The alliance brings together thousands of banks through their state banking associations. Kathy Kraninger, head of the Florida Bankers Association and a former director of the Consumer Financial Protection Bureau, is serving as interim chair of the project.
Kraninger said the planned network would provide a secure and regulated environment that could allow banks of different sizes to offer modern financial services. The project is still looking for a technology partner to build the network.
According to the banking groups, the network is intended to be interoperable with other blockchain networks. That could become important as financial institutions increasingly use different blockchain systems for payments, tokenized assets and other applications.
The move is notable because blockchain technology and cryptocurrency originally developed partly in response to frustrations with traditional banking systems. Banks, however, have increasingly begun adopting some of the technology that emerged from the crypto sector.
The proposed network comes as other major financial infrastructure providers are also experimenting with blockchain. Swift, the bank-owned global payments messaging network, said recently that 17 banks, including Citi, BNY and Wells Fargo, would begin testing transactions involving tokenized digital assets on its blockchain-based ledger.
The US banking sector has also been involved in debates over stablecoin regulation. In April, banking groups sought to delay the implementation of regulations stemming from the GENIUS Act, which established a framework for US stablecoin issuers.
BankChain could therefore represent a different approach: rather than simply responding to the growth of digital assets, banks themselves would build infrastructure to support blockchain-based financial products.
LATEST: ⚡️ 39 US state bankers associations have formed BankChain Alliance, an industry-owned blockchain network targeting a 2027 launch to offer stablecoins, tokenized deposits, and automated settlement. pic.twitter.com/UEZonIlNgu
— CoinMarketCap (@CoinMarketCap) August 26, 2026
The project will have to address important questions around security, regulation, interoperability and governance before the network becomes operational. But the participation of 39 state banking associations signals growing interest among traditional banks in having a direct role in the next generation of financial infrastructure.
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