US banking groups plan nationwide blockchain network for 2027

Thirty-nine U.S. state banking associations have formed the BankChain Alliance with the goal of launching a nationwide, industry‑owned blockchain network for banks in 2027. The alliance announced that the network will support smart payment tools, tokenized deposits, stablecoins and automated settlement, and will be interoperable with other blockchains.

Network Scope and Participation

The participating associations represent thousands of financial institutions across the United States. BankChain intends to invite banks nationwide to take ownership stakes, though individual commitments, governance structures and funding details were not disclosed.

Context of Bank‑Led Blockchain Initiatives

BankChain follows several other U.S. bank‑led projects launched since late 2025:

• In June, The Clearing House announced an on‑chain money initiative backed by JPMorgan Chase, Bank of America, Citi, BNY Mellon and Wells Fargo, aimed at clearing and settling tokenized deposits while linking blockchain activity to existing payment systems.
• Regional lenders are advancing a separate network called Cari, developed with Huntington, First Horizon, M&T Bank, KeyBank and Old National. Cari released a minimum viable product in March and had attracted more than 30 banks by July.
• Community banks formed the DTX Consortium through the Independent Bankers Association of Texas, which reported membership of over 50 banks as it prepared a tokenized‑deposit pilot.

Stablecoin Consortium Activity

Stablecoin developers are also pursuing consortium models. In June, Open Standard announced a collaboration of more than 140 payments, banking, technology and crypto firms around Open USD, a dollar‑backed stablecoin slated for launch later in 2026. The project aims to provide fee‑free minting and redemption for businesses and to distribute reserve earnings among participants.