U.S. · South Korea · Decrypt
US Banks Join Forces to Build a Blockchain of Their Own
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Thirty-nine state banking trade groups have formed the BankChain Alliance, a coalition planning a shared blockchain network for community and regional banks.
Key facts
- In October, Custodia Bank and Vantage Bank Texas introduced an interoperable tokenized-deposit platform for U.S. banks
- The coalition also includes groups from smaller markets such as Maine, Vermont, Hawaii, Idaho, North Dakota, South Dakota, and Wyoming
- In January, BNY announced a private, permissioned platform for tokenized deposits, initially for collateral and margin transactions
- Announced Tuesday, the proposed network aims to support tokenized deposits, stablecoins, programmable payments, and automated settlement for thousands of U.S. financial institutions
Summary
Thirty-nine state bankers associations formed the BankChain Alliance to develop blockchain infrastructure owned and governed by banks. The proposed network could support tokenized deposits, stablecoins, programmable payments, and automated settlement. The alliance has not selected a technology provider or disclosed its architecture, governance structure, or regulatory framework. Announced Tuesday, the proposed network aims to support tokenized deposits, stablecoins, programmable payments, and automated settlement for thousands of U.S. financial institutions.