39 State Banking Associations Launch BankChain Alliance to Build Industry-Owned Blockchain by 2027
39 State Banking Associations Launch BankChain Alliance to Build Industry-Owned Blockchain by 2027 #
Thirty-nine US state bankers associations have unveiled a joint initiative to build a blockchain network wholly owned and governed by the banking industry.
The coalition, calling itself the BankChain Alliance, announced the effort on August 25. Its member associations represent 3,283 banks holding a combined $21.8 trillion in assets. The alliance is targeting a 2027 launch and is running a selection process to identify a technology partner; no vendor has been named and no detailed build or testing schedule has been published.
According to the organization’s announcement, the network will support tokenized deposits, regulated stablecoins, programmable payments, and automated settlement. The participating associations say building the infrastructure themselves will bring digital-asset capabilities to banks of all sizes while preserving the regulatory standards and consumer protections that distinguish regulated institutions from crypto-native competitors such as Circle and Tether.
Kathy Kraninger, interim chair of the BankChain Alliance and president and CEO of the Florida Bankers Association, previously served as director of the Consumer Financial Protection Bureau. In the group’s announcement, she described the effort as an opportunity for institutions of all sizes to shape their own technological future, calling the collaboration “an unprecedented effort to build a secure, regulated, industry-governed network capable of serving customers in rural, urban, and regional communities across the country.”
The network will be designed for interoperability with other blockchain systems. The alliance is also inviting member banks to take direct ownership stakes in the platform, giving institutions a financial interest in the infrastructure they use.
In July, before the August announcement, the BankChain Alliance sent a letter to the Senate urging lawmakers to tighten restrictions on stablecoin yield payments within the CLARITY Act. The letter cited concern that high-yield stablecoins could draw deposits away from regulated institutions.
The Texas Bankers Association is among the named supporters, alongside banking groups from Florida, New York, Pennsylvania, Ohio, Washington, and a range of rural states, according to published membership information.
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