Thirty-nine U.S. state banking associations have established the BankChain Alliance to develop a nationwide, bank-owned blockchain network, with a targeted launch in 2027. The alliance aims to support smart payment tools, tokenized deposits, stablecoins and automated settlement, while ensuring interoperability with other blockchains. BankChain plans to select a technology partner and will invite banks across the country to acquire ownership stakes in the network.
The participating associations represent thousands of financial institutions across the U.S. However, the announcement did not disclose governance structures, funding mechanisms or identify specific banks that have committed to participation. BankChain did not respond to requests for additional details prior to publication.
The initiative follows a wave of bank-led blockchain networks announced or advanced since late 2025. In June, The Clearing House unveiled an onchain money project backed by JPMorgan Chase, Bank of America, Citi, BNY Mellon and Wells Fargo. This network would facilitate the clearing and settlement of tokenized deposits between banks and integrate blockchain activity with existing payment systems.
Tokenized deposits differ from independently issued stablecoins by representing direct claims on individual banks, maintaining their status as commercial bank money. This structure enables programmable, round-the-clock transfers while keeping customer funds on bank balance sheets.
Regional lenders are separately developing a network through Cari, a platform supported by Huntington, First Horizon, M&T Bank, KeyBank and Old National. Cari launched a minimum viable product in March and had enrolled more than 30 banks by July. Community banks are also pursuing a tokenized-deposit pilot via the DTX Consortium, organized by the Independent Bankers Association of Texas, which reported membership exceeding 50 banks as of June.
Stablecoin developers are adopting consortium models as well. Open Standard, in June, named over 140 payments, banking, technology and crypto firms in connection with Open USD, a dollar-backed stablecoin slated for a 2026 launch. The project intends to offer businesses fee-free minting and redemption while distributing reserve earnings to participating companies.
