39 US state banking associations have formed the BankChain Alliance to build a nationwide, industry-owned blockchain network for banks with a goal of launching in 2027.
Dr. Alliance on Tuesday announcement The network intends to support smart payment tools, tokenized deposits, stablecoins and automated settlements. BankChain said it plans to make the network interoperable with other blockchains and said it is selecting a technology partner.
Participating associations represent thousands of financial institutions across the United States. BankChain said it will invite banks nationwide to take stake ownership. However, the announcement did not mention the individual banks that have committed to join or reveal how the network will be managed or financed.
BankChain joins a number of US bank-led networks announced or in progress by late 2025, creating shared infrastructure to move deposits and payments between banking systems controlled by major, regional and community lenders.
Cointelegraph reached out to BankChain for more information but did not receive a response prior to publication.
US banks build shared onchain payment network
In June, the Clearing House announcement An onchain money initiative backed by JPMorgan Chase, Bank of America, Citi, BNY and Wells Fargo. The proposed network will clear and settle tokenized deposits between banks and connect blockchain activity to its existing payment system.
Unlike independently issued stablecoins, tokenized deposits represent the claims of individual banks and retain their treatment as commercial bank money. The framework allows banks to offer programmable and round-the-clock transfers while keeping customer funds on their balance sheets.
Related: World Liberty Financial has launched USD1 locally on the Canton network
Regional lenders following A separate network through Cary, which was built with Huntington, First Horizon, M&T Bank, KeyBank and Old National. Carry launched a minimum viable product in March and by July had attracted more than 30 participating banks.
Community banks also formed the DTX Consortium through the Independent Bankers Association of Texas. IBAT said Membership surpassed 50 banks in June as the group created a tokenized-deposit pilot.
Stablecoin developers are also turning to the consortium model. In June, Open Standard added the names of more than 140 payments, banking, technology and crypto companies to Open USD, a dollar-backed stablecoin expected to launch after 2026.
The scheme plans to offer business fee-free minting and redemption while disbursing reserve earnings to participating companies.
magazine: Hug Face Hack Reveals Open-Weight AI Cybersecurity Paradox
