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39 state banking groups form BankChain for tokenized deposits by 2027
The BankChain Alliance says it is still selecting a technology partner, and its 39 member associations represent 3,283 banks managing $21.8 trillion in assets as of March 31, based on FDIC call-report data.
Thirty-nine U.S. state bankers associations have formed the BankChain Alliance, an industry effort to build a common blockchain network aimed at tokenized deposits, stablecoins, smart payments, and automated settlement. The alliance is targeting a 2027 launch, and it cautions that it is not yet an operating payments network.
In an Aug. 25 announcement, the group said it is still selecting a technology partner and plans to make the network interoperable with other systems. It also plans to invite banks across the country to become owners, with the project described as industry-owned and governed.
The alliance says its 39 member associations represent 3,283 banks with $21.8 trillion in assets, based on FDIC call-report data as of March 31. Its materials also note that while the associations are participants, individual member banks have not necessarily committed to or joined the network unless separately indicated.
BankChain said it has completed the first phase of its request for proposals, and reported comments highlighted that compliance is expected to carry significant weight in the selection process. The alliance board is chaired by Kathy Kraninger, president and CEO of the Florida Bankers Association, with additional directors drawn from other state banking groups and TekFactor founder Kim Askwith.