39 U.S. State Bank Associations Form BankChain Alliance, Plan to Launch Blockchain Network by 2027

39 U.S. state bank associations have jointly established the "BankChain Alliance," planning to launch an industry-owned blockchain network by 2027 to promote financial innovations such as smart payments, tokenized deposits, and stablecoins. The project is led by Kathy Kraninger, CEO of the Florida Bankers Association and former director of the Consumer Financial Protection Bureau, who stated that the network will be "owned, designed, and governed by the industry" and will interoperate with "other networks." The project is still seeking technical partners. This alliance demonstrates that banks are accelerating the adoption of blockchain technology amid ongoing policy conflicts between banks and the cryptocurrency industry in Washington.

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