39 U.S. State Bankers Associations Form BankChain to Build Blockchain Network

Bankers associations in 39 U.S. states have formed the BankChain alliance to develop an industry-owned blockchain network for tokenized deposits, stablecoins, smart payments, and automated settlement, with a target launch in 2027. According to ChainCatcher, the alliance is still selecting technology partners and has not yet become an operating payments network.The alliance said its 39 member associations represent 3,283 banks with total assets of $21.8 trillion. Its board is chaired by Kathy Kraninger, president and CEO of the Florida Bankers Association, while Howard Headlee, president of the Utah Bankers Association, said governance is a differentiating advantage and that BankChain aims to give member banks equal access to a network they own and a voice in how it is run.BankChain is entering a field that already includes a tokenized deposit project led by The Clearing House, which was announced in June and is intended to settle tokenized commercial bank money on-chain and connect the RTP and CHIPS payment networks. BankChain’s scope is broader, covering stablecoins and automated settlement, but it remains at an early stage and must first secure a technology vendor and turn association-level support into commitments from member banks.