U.S. State Banking Associations Plan to Launch National Blockchain Network

PANews reported on August 26, citing CoinDesk, that 39 U.S. state banking associations have jointly established the “BankChain Alliance” (Bank Chain Alliance), planning to launch an industry-owned blockchain network by 2027 aimed at promoting financial innovations such as smart payments, tokenized deposits, and stablecoins. The project is chaired on an interim basis by Kathy Kraninger, CEO of the Florida Bankers Association and former director of the Consumer Financial Protection Bureau (CFPB), who said the network will be “industry-owned, industry-designed, and industry-governed” and “interoperable with other networks.” The project is still seeking technology partners. While policy conflicts between banks and the crypto industry have continued in Washington, the alliance shows that banks are accelerating their adoption of blockchain technology.