3,283 US Banks Form BankChain Alliance to Build Own Blockchain Network
Thirty-nine state banking associations representing over 3,283 U.S. banks with $21.8 trillion in assets have formed the BankChain Alliance to develop a bank-owned blockchain network by 2027. The initiative aims to support tokenized deposits, stablecoins, programmable payments, and automated settlement—features similar to those of public blockchains like XRP Ledger (XRP) and Stellar Lumina Network (XLM). However, the BankChain project is distinct in that it will be governed by banks themselves within a regulated framework. The network remains under development with no final technology partner or architecture selected yet. The move comes as other blockchain initiatives gain traction, including SWIFT’s new tokenized deposit ledger and Open USD's stablecoin collaboration involving over 140 companies. These developments highlight growing interest in blockchain-based financial infrastructure among traditional institutions. The BankChain Alliance is also timing its announcement ahead of the Senate’s Sept. 15 vote on the CLARITY Act, which could shape regulatory clarity for digital assets.
Tickers: $XRP
Topics: banking blockchain CLARITY Act Stellar tokenized deposits XRP Ledger