Thirty-nine US state banking associations have formed the BankChain alliance to build a nationwide blockchain network owned by the banking industry, with a launch planned for 2027.
On Tuesday, the alliance announced that the network will support smart payment tools, tokenized deposits, stablecoins, and automated settlements. BankChain stated that it plans to ensure the network's compatibility with other blockchains and is currently selecting a technology partner.
The participating associations represent thousands of financial institutions across the United States. BankChain stated that it will invite banks nationwide to take equity participation in the project. The announcement did not mention individual banks that have confirmed their intention to join, nor did it disclose how the network will be managed and funded.
BankChain joins several networks that US banks have announced or begun developing since late 2025. These projects involve large, regional, and local lenders building shared infrastructure to move deposits and conduct on-chain payments within the regulated banking system.
Cointelegraph reached out to BankChain for additional information but did not receive a response by the time of publication.
US banks building shared on-chain networks for payments
In June, The Clearing House announced an on-chain money initiative supported by JPMorgan Chase, Bank of America, Citi, BNY, and Wells Fargo. The proposed network will clear and settle tokenized deposits between banks and link blockchain activity to the organization's existing payment systems.
Unlike independently issued stablecoins, tokenized deposits are claims on individual banks, retaining their status as commercial bank money. This structure allows banks to offer programmable transfers 24/7 while keeping client funds on their balance sheets.
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Regional lenders are developing a separate network through Cari, created with the participation of Huntington, First Horizon, M&T Bank, KeyBank, and Old National. In March, Cari launched a minimum viable product, and by July, over 30 banks had joined the project.
Local banks have also formed the DTX consortium through the Independent Bankers Association of Texas. IBAT reported in June that participants numbered over 50 banks, with the group preparing for a pilot project involving tokenized deposits.
Stablecoin developers are also moving towards consortium models. In June, Open Standard mentioned over 140 payment, banking, technology, and cryptocurrency companies in connection with Open USD—a US dollar-backed stablecoin expected to launch later in 2026.
The project plans to offer companies free token issuance and redemption, directing reserve earnings to participating companies.
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