US state banking groups plan nationwide blockchain network for 2027

cointelegraphPublished on 2026-08-26Last updated on 2026-08-26

Abstract

Thirty-nine US state banking associations have formed the BankChain Alliance, aiming to launch a nationwide, industry-owned blockchain network for banks by 2027. The network is intended to support smart payments, tokenized deposits, stablecoins, and automated settlement, and plans to be interoperable with other blockchains. The alliance represents thousands of US financial institutions and will invite banks nationwide to take ownership stakes, though specific governance and funding details were not disclosed. This initiative is part of a broader trend of US banks building shared on-chain infrastructure. Recent examples include a major bank-backed network from The Clearing House, a regional network called Cari, and a consortium for community banks. These efforts focus on using tokenized deposits—claims on individual banks—to enable programmable, 24/7 transfers while keeping funds on bank balance sheets. Separately, stablecoin projects are also adopting consortium models, such as the planned Open USD stablecoin backed by over 140 companies.

Thirty-nine US state banking associations have formed the BankChain Alliance to build a nationwide, industry-owned blockchain network for banks, targeting a 2027 launch.

On Tuesday, the alliance announced that the network intends to support smart payment tools, tokenized deposits, stablecoins and automated settlement. BankChain said it plans for the network to be interoperable with other blockchains and said it was selecting a technology partner.

The participating associations represent thousands of financial institutions across the US. BankChain said it will invite banks nationwide to take ownership of stakes. However, the announcement did not mention individual banks that have committed to joining or disclose how the network will be governed or funded.

BankChain joins several US bank-led networks announced or advanced since late 2025, spanning major, regional and community lenders building shared infrastructure for moving deposits and payments onchain within the regulated banking system.

Cointelegraph reached out to BankChain for more information but did not receive a response before publication.

US banks build shared onchain payment networks

In June, The Clearing House announced an onchain money initiative supported by JPMorgan Chase, Bank of America, Citi, BNY and Wells Fargo. The proposed network would clear and settle tokenized deposits between banks and connect blockchain activity with its existing payment systems.

Unlike independently issued stablecoins, tokenized deposits represent claims on individual banks and retain their treatment as commercial bank money. The structure allows banks to offer programmable and round-the-clock transfers while keeping customer funds on their balance sheets.

Related: World Liberty Financial launches USD1 natively on Canton Network

Regional lenders are pursuing a separate network through Cari, which was developed with Huntington, First Horizon, M&T Bank, KeyBank and Old National. Cari launched a minimum viable product in March and had attracted more than 30 participating banks by July.

Community banks have also formed the DTX Consortium through the Independent Bankers Association of Texas. IBAT said in June that membership had exceeded 50 banks as the group prepared a tokenized-deposit pilot.

Stablecoin developers are also turning to consortium models. In June, Open Standard named more than 140 payments, banking, technology and crypto companies in connection with Open USD, a dollar-backed stablecoin expected to launch later in 2026.

The project plans to offer businesses fee-free minting and redemption while distributing reserve earnings to participating companies.

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