US state banking associations form BankChain Alliance to modernize banking
Big news from the banking world: 39 state banking associations across the US just announced they're building a new blockchain network called the BankChain Alliance, set to go live by 2027.
The goal? To help banks keep up with tech trends like smart payments, tokenized deposits, and stablecoins, all while keeping things secure and regulated.
BankChain Alliance still seeking tech partner
This alliance is the result of a yearlong debate between bankers and the crypto sector in Washington, aiming for a system that's "industry-owned, industry-designed and industry-governed."
They're still searching for a tech partner to build it out and want BankChain to work smoothly with other networks.
As Kathy Kraninger, interim chair of the alliance, head of the Florida Bankers Association and a former director of the Consumer Financial Protection Bureau, put it, the network will be "a secure, regulated network that allows institutions of all sizes to provide modern capabilities so they can continue serving customers safely and efficiently in rural, urban and regional communities across the country."