ChainCatcher report: Thirty-nine state banking associations in the U.S. have jointly formed the BankChain alliance, planning to build an industry-owned blockchain network for tokenized deposits, stablecoins, smart payments, and automated settlements, with a target launch date of 2027. The alliance is currently in the process of selecting technology partners and has not yet become an operational payment network. BankChain states that its 39 member associations represent 3,283 banks with total assets of $21.8 trillion. The alliance’s board is chaired by Kathy Kraninger, President and CEO of the Florida Bankers Association. Howard Headlee, President of the Utah Bankers Association, noted that governance is a key differentiator, and BankChain aims to enable member banks to “equally access a network they own and ensure their voices are heard.” BankChain enters a space already dominated by The Clearing House’s tokenized deposit project, announced in June, which seeks to settle tokenized commercial bank money on-chain and connect to the RTP and CHIPS payment networks. In comparison, BankChain’s scope is broader, encompassing stablecoins and automated settlements, but it remains in an early stage and must first secure a technology vendor and convert association-level support into concrete commitments from member banks.
39 U.S. State Bank Associations Form BankChain Consortium to Launch Blockchain Network by 2027
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Summary
Thirty-nine U.S. state bank associations have formed the BankChain consortium to build a blockchain network for tokenized deposits, stablecoins, smart payments, and automated settlement, with a planned launch in 2027. The group, representing 3,283 banks with $21.8 trillion in assets, is currently seeking a technology partner. While The Clearing House has a similar initiative, BankChain aims for a broader network upgrade. The project remains in its early stages, requiring finalization of a technology provider and secured commitments. The initiative could become a major token launch story in the coming years.
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