US Banks Join Forces to Build a Blockchain of Their Own

Thirty-nine state banking trade groups have formed the BankChain Alliance, a coalition planning a shared blockchain network for community and regional banks.

Announced Tuesday, the proposed network aims to support tokenized deposits, stablecoins, programmable payments, and automated settlement for thousands of U.S. financial institutions. It is targeting a 2027 launch but has yet to name a technology provider, blockchain, governance model, or participating banks.

The alliance said the shared network would help banks of all sizes adopt blockchain-based services while maintaining existing regulatory standards.

“Through an unprecedented collaboration representing thousands of banks, BankChain Alliance is developing a secure, regulated, industry-built and industry-owned network that allows institutions of all sizes to provide modern capabilities so they can continue serving customers safely and efficiently in rural, urban and regional communities across the country,” Interim Chair of the BankChain Alliance, and Florida Bankers Association President and CEO, Kathy Kraninger said in a statement.

Participating banks span the United States and include associations from Texas, Florida, Georgia, the Carolinas, Pennsylvania, Massachusetts, Michigan, Wisconsin, Washington, and Oregon.

The coalition also includes groups from smaller markets such as Maine, Vermont, Hawaii, Idaho, North Dakota, South Dakota, and Wyoming. Ohio is represented by the Ohio Bankers League, while every other participant is organized as a state bankers association.

The alliance says banks will be able to own the network, but did not give specifics on its interoperability, if it’s based on a specific blockchain like XRP, Ethereum, or Solana, or how tokenized deposits and stablecoins would be issued and settled.

The BankChain Alliance did not immediately respond to a request for comment by Decrypt.

Banks and payment providers have spent years testing blockchain-based deposits and around-the-clock settlement.

In October, Custodia Bank and Vantage Bank Texas introduced an interoperable tokenized-deposit platform for U.S. banks. The following month, JPMorgan launched its JPMD deposit token on Base for institutional clients, with plans to expand it to other networks and currencies.

In January, BNY announced a private, permissioned platform for tokenized deposits, initially for collateral and margin transactions. In July, Swift said 17 global banks would test tokenized-deposit transfers outside traditional banking hours.