Thirty-nine state banking associations across the US have joined forces to form the BankChain alliance, aiming to roll out a nationwide, industry-owned blockchain network by 2027. According to ForkLog, BankChain is set to support tokenized deposits, stablecoins, programmable payments, and automated settlements.

What We Know About BankChain

The alliance is currently in the process of selecting a tech partner. They're promising that the new network will be compatible with other ecosystems, making it easier to move operations and interact across different infrastructures.

What the Network Promises

BankChain is focused on enabling tokenized deposits and stablecoins, as well as launching programmable payments and automating settlements. These use cases are being pitched as the key priorities for the network's first phase.

What's Still Under Wraps

So far, the alliance hasn't named any specific participating banks. Details on the governance model and funding sources are also still unknown. The group is sticking to a 2027 launch timeline while vetting potential tech partners and keeping compatibility with other networks a top priority.