AI · CoinDesk
U.S. state banking associations plan to launch their own nationwide blockchain network
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After a year of policy battles in Washington between bankers and the crypto sector, the banks' state associations have announced they intend to launch a new bank-run blockchain network to facilitate financial innovations, including smart payments, tokenized deposits and stablecoins.
Key facts
- Last month, Swift, the bank-owned messaging network common across the global banking sector, announced that 17 banks, including Citi, BNY and Wells Fargo, were set to start testing actual
- It's "an unprecedented collaboration representing thousands of banks," said Kathy Kraninger, the head of the Florida Bankers Association and a former director of the Consumer Financial Protection
- However, in April, banking groups sought to slow down the implementation of regulations stemming from last year's Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act
Summary
A new blockchain network operated by the banking industry is aiming for a 2027 launch, and 39 of the state banking associations are on board. Their "BankChain Alliance" doesn't yet have a technology partner to stand it up, the organization said. Thirty-nine of the state banking associations signed on to the " BankChain Alliance " with an aim to build out the blockchain by next year, they said in a Tuesday statement, describing the project as "industry-owned, industry-designed and industry-governed.