39 US Banking Groups Form BankChain Alliance to Build Stablecoin Blockchain
On Tuesday, it was revealed that 39 banking associations from the U.S. have united to create the BankChain Alliance, aiming for a blockchain network launch by 2027. This coalition encompasses 3,283 banks, collectively holding $21.8 trillion in assets, and will facilitate smart payments, tokenized deposits, stablecoins, and automated settlement processes. Kathy Kraninger, who serves as the president and CEO of the Florida Bankers Association, is currently the interim chair. The initiative is still in its infancy, with no technology partner yet chosen. This development comes in response to requests from the American Bankers Association for stricter regulations on stablecoins under the proposed CLARITY Act, following the establishment of a federal framework for payment stablecoins by the GENIUS Act in 2025. BankChain's formation is in line with other projects, such as Swift's blockchain ledger.
Key facts
- 39 U.S. state banking associations formed the BankChain Alliance to build a blockchain network for banks.
- The alliance represents 3,283 banks holding $21.8 trillion in assets.
- Target launch is 2027; no technology partner selected yet.
- Kathy Kraninger, former CFPB director, is interim chair.
- Network will support smart payments, tokenized deposits, stablecoins, and automated settlement.
- In July, banking groups urged senators to tighten stablecoin provisions in the CLARITY Act.
- The GENIUS Act, signed in 2025, created a federal framework for payment stablecoins.
- Swift's blockchain-based shared ledger is ready for initial use with 17 banks across six continents.
Entities
Institutions
- BankChain Alliance
- Florida Bankers Association
- Consumer Financial Protection Bureau
- American Bankers Association
- Independent Community Bankers of America
- Swift
- Citi
- BNY
- Wells Fargo
- HSBC
- UBS
- BNP Paribas
- Standard Chartered
- DBS
- MUFG
Locations
- United States
- Washington