Thirty-nine U.S. state banking associations have formed the BankChain Alliance to launch a common blockchain network by 2027. The alliance announced its formation Tuesday, Aug. 25, marking a coordinated push to integrate blockchain into core financial infrastructure.
The planned network will support smart payments, tokenized deposits, stablecoins and automated settlement. BankChain Alliance emphasized interoperability with other blockchain systems.
Participating state associations represent thousands of banks across the United States. The alliance will invite banks nationwide to acquire ownership stakes in the network. Specific banking institutions that have pledged to join and details on governance and funding mechanisms remain undisclosed. The alliance is currently selecting a technology partner.
This joins a series of U.S. bank-led blockchain projects that have emerged since late 2025. In June 2026, The Clearing House, a payments company owned by large commercial banks, unveiled its own on-chain money project backed by JPMorgan Chase, Bank of America, Citi, BNY and Wells Fargo. That project focuses on clearing and settling tokenized deposits between participating banks and linking blockchain activity with existing payment infrastructure.
Regional banks have advanced their own initiatives. Cari, a blockchain network developed by Huntington, First Horizon, M T Bank, KeyBank and Old National, released its minimum viable product in March. By July, more than 30 banks had joined Cari.
Community banks are exploring blockchain adoption through the DTX Consortium, established by the Independent Bankers Association of Texas. The IBAT disclosed in June that over 50 banks had joined the group, which is preparing a pilot program for tokenized deposits.
Tokenized deposits differ from stablecoins created by independent issuers. They represent direct claims on individual banks and are treated as standard commercial bank money, allowing lenders to offer programmable financial services and instant, around-the-clock transfers.
These bank-owned networks introduce new rails for on-chain capital flows within the regulated financial system. They could capture significant institutional liquidity for payments and settlement, potentially complementing or competing with existing DeFi stablecoin and lending protocols.
