U.S. state banking associations are planning to launch a nationwide blockchain network operated by the banking industry, with the BankChain Alliance targeting 2027 for the start of its operations.
The proposed network is intended to support stablecoins, payments and tokenised deposits within the regulated banking system. The initiative has the backing of 39 state banking associations, according to the organisation involved.
However, the alliance has not yet selected a technology partner to build and operate the network.
The project is being developed as an industry-led blockchain initiative, with the participating banking associations seeking to create infrastructure that can support a range of financial activity while remaining within the banking sector’s regulatory framework.
Its planned uses include stablecoins, digital assets designed to maintain a stable value, as well as payment services and tokenised deposits. The proposal would place those activities inside an environment overseen by the banking industry rather than outside the established banking system.
The BankChain Alliance has set 2027 as its target launch date, although the absence of a technology partner means key elements of the project still need to be put in place before the network can become operational.
The involvement of 39 state banking associations gives the initiative broad support across the US banking sector. Those associations are expected to play a central role in advancing the proposal, which is being presented as a shared national blockchain network for banks.
The alliance has not provided details of the company or companies it may approach to develop the technology. Identifying a partner will be an important next step in determining how the network is built and how its proposed services will operate.
Blockchain technology records transactions on a shared digital ledger. In the BankChain Alliance’s case, the stated objective is to apply that technology to banking-related functions, including payments and deposit products, while keeping them within the sector’s existing regulatory sphere.
The proposal comes as banking groups explore ways to use digital assets and blockchain infrastructure for financial services. The alliance’s plans, however, remain at the development stage, with the intended launch still dependent on further organisational and technical work.
For now, the central details of the project are its proposed industry ownership, its support from 39 state banking associations and its 2027 target. The organisation has confirmed that it does not yet have a technology partner in place to establish the network.
