U.S. State Banking Associations To Launch Blockchain Network

A coalition of 39 state banking associations is set to launch a blockchain network designed to support financial innovation. This network, called the BankChain Alliance, aims to deploy a secure, regulated platform enabling institutions of all sizes to utilize modern capabilities while serving their customers. The consortium has yet to identify a technology partner to construct the blockchain system, which they plan to make compatible with other networks.

The initiative follows the banking sector's push towards digital asset innovations, including stablecoin transactions and tokenized deposits. Swift, a bank-owned messaging network utilized globally, recently revealed that 17 financial institutions, including Citigroup and Wells Fargo, are experimenting with tokenized digital asset transactions on a blockchain ledger.