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State banking associations plan a nationwide blockchain network in 2027
The BankChain Alliance aims to be a secure, regulated, industry-run network for smart payments, tokenized deposits, and stablecoins, but it still lacks a technology partner.
U.S. state banking associations are moving toward a blockchain-based banking network with a target launch in 2027, according to CoinDesk. The initiative, called the BankChain Alliance, is backed by 39 state associations and is intended to support financial innovations including smart payments, tokenized deposits, and stablecoins within banking regulators' oversight. The group is led by Kathy Kraninger, CEO of the Florida Bankers Association and a former federal regulator, who is serving as interim chair. The alliance describes the network as industry-owned, industry-designed, and industry-governed, and says it is being built as a secure, regulated platform to help institutions of all sizes provide modern capabilities for customers in rural, urban, and regional communities. CoinDesk reports the alliance does not yet have a technology partner to stand up the network. It also says the project is intended to be interoperable with other networks. CoinDesk adds that the announcement comes after a year of policy battles in Washington between bankers and the crypto sector, including moves to slow down stablecoin-related regulations tied to last year's GENIUS Act. It also points to Swift testing tokenized digital asset transactions with a group of banks on a blockchain-based ledger, including Citi, BNY, and Wells Fargo.