U.S. banking groups are pushing to build a blockchain network of their own as stablecoins and public chains compete more directly with traditional financial infrastructure. According to a CoinDesk report published on Aug. 25, multiple state banking associations in the United States have announced plans to form BankChain Alliance, a nationwide blockchain network that would be owned and governed by the banking industry, with a target launch in 2027.
BankChain Alliance has support from 39 state banking associations
The project has already brought in banking associations from 39 states. It is being led by Kathy Kraninger, chief executive of the Florida Bankers Association and a former federal regulatory official.
Under the plan described in the report, the network would be designed, governed, and owned by the banking industry itself and would operate within existing bank security and regulatory standards. The model is aimed at bringing blockchain capabilities into the regulated banking system rather than placing assets on external public chains.
Planned use cases include tokenized deposits, stablecoins, and automated settlement
BankChain is being designed for smart payments, tokenized deposits, stablecoins, and automated settlement, according to the report. The banking industry’s calculation is straightforward: instead of allowing payment and deposit business to shift to stablecoins issued outside the banking system, banks want to build matching infrastructure inside their own regulatory framework and keep that activity within the banking sector.
The alliance said it has not yet finalized a technology partner to build the network. That leaves a meaningful gap between the current plan and the 2027 launch target.
As banks publicly move toward building their own chain-based infrastructure, the contest for control between stablecoins and traditional finance is extending beyond regulation and into the underlying rails themselves.