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FollowingBanking associations of 39 states in the United States have formed a blockchain alliance and plan to launch an industry network in 2027.
Banking associations of 39 states in the United States have jointly established the "Banking Chain Alliance", aiming to build a national, self-owned blockchain network owned by the banking industry, with the goal of being officially launched in 2027. The alliance announced on Tuesday that the network will support smart payment tools, tokenized deposits, stablecoins and automated settlement functions. The Banking Chain Alliance said it plans to make the network interoperable with other blockchains and is selecting technology partners.
Participating associations represent thousands of financial institutions in the United States. The Banking Chain Alliance said it would invite American Banks to subscribe for shares in the Internet. However, the announcement did not mention the specific banks that had promised to join, nor did it disclose the network's governance or financing mechanisms.
Since the end of 2025, a number of bank-led blockchain networks in the United States have been announced or promoted one after another, and the Banking Chain Alliance is the latest member. These networks cover large, regional and community banks and aim to build a shared infrastructure within the regulated banking system for the flow of deposits and payments along the chain.
Bank of America jointly builds an on-chain payment network
In June this year, the clearing house announced an on-chain currency plan supported by JPMorgan Chase, Bank of America, Citibank, Bank of New York Mellon and Wells Fargo. The proposed network will enable the clearing and settlement of tokenized deposits between banks and interface its blockchain activities with existing payment systems.
Unlike independently issued stablecoins, tokenized deposits represent claims on specific banks and retain their attributes as commercial bank currency. This structure allows banks to provide programmable and round-the-clock transfer services while retaining customer funds on their balance sheets.
Regional banks and community banks are advancing simultaneously
Regional banks are independently promoting related projects through the Cari network. The network, jointly developed by Huntington Bank, First Horizon Bank, M&T Bank, KeyBank and Old National Bank, launched the smallest viable product in March and has attracted more than 30 banks to participate as of July.
Regarding community banking, the Texas Independent Bankers Association formed the DTX Alliance. The association said in June that with the preparations for the tokenized deposit pilot project, its members have more than 50 banks.
stablecoin developers move to alliance model
stablecoin developers have also begun to adopt alliance model. In June, Open Standard announced more than 140 payment, banking, technology and cryptocurrency companies related to the Open USD project. Open USD is a stablecoin backed by the US dollar and is expected to be launched in the second half of 2026. The project plans to provide zero-fee casting and redemption services to companies and allocate reserve proceeds to participating companies.
