Thirty-nine US state banking associations announced the formation of the BankChain Alliance on August 25, 2026, to develop an industry-owned blockchain network for banks.
The network is targeting a 2027 launch and is designed to support tokenized deposits, stablecoins, smart payment tools, and automated settlement.
Why Are US Banks Building the BankChain Alliance?
The BankChain Alliance is being developed as a common blockchain platform owned, designed and governed by the banking industry itself.
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The participating associations are currently selecting a technology partner and intend for the network to be interoperable with other networks.
The alliance says participating financial institutions will be able to offer emerging blockchain-based services while maintaining the regulatory standards, security and customer trust associated with traditional banking.
Planned capabilities include smart payment tools, tokenized deposits, stablecoins and automated settlement. The alliance also plans to invite banks across the United States to participate in ownership of the network.
Kathy Kraninger, interim chair of BankChain Alliance and president and CEO of the Florida Bankers Association, said the initiative is intended to allow financial institutions of different sizes to provide modern banking functionality while continuing to serve customers and communities.
Which Banks and States are Behind BankChain?
The 39 participating associations include banking groups from Alabama, Florida, Indiana, Massachusetts, Minnesota, Texas, Washington, Wyoming and other states. Collectively, the associations represent thousands of financial institutions serving millions of consumers and businesses across the country.
The Texas Bankers Association played a leading role in forming the initiative, and the alliance is registered in Texas.
Chris Furlow, president and CEO of the Texas Bankers Association, said the collaboration gives community and regional banks a path to participate in new financial technologies while maintaining a focus on customers and local communities.
Why This Matters
This is not a crypto firm pitching banks on its chain — state banking associations are organizing infrastructure that commercial banks themselves would own and govern. The push toward tokenized deposits and programmable payments places the Bankchain Alliance directly into the emerging competition between bank-controlled tokenized money and privately issued stablecoins.
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