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Forty state bankers associations have convened to create a blockchain network to facilitate services like stablecoin payments in one of the largest collaborations between state bankers to date.
The BankChain Alliance said in a recent announcement of its launch that it seeks to create an "industry-owned, industry-designed and industry-governed network" built on a shared blockchain platform with the aim of launching in 2027.
Financial institutions of all sizes can opt into using the platform for banking services such as stablecoin payments, smart payment tools, tokenized deposits and automated settlements, knowing they meet the regulatory requirements.
Kimberly Askwith, the network's interim CEO, told State Affairs the model will help banks enter the next phase of banking securely.
"BankChain Alliance is a practical way for banks across the country to lead payment innovation while preserving the security, trust and regulatory discipline customers expect," said Askwith, the founder and CEO of TekFactor. "By building a bank-owned, bank-governed infrastructure, the Alliance will help banks deliver modern capabilities to customers safely and efficiently."
Once launched, the network will be inoperable with other networks, importantly keeping deposits within the banking system in which the customer deposits them. It currently represents more than 3,400 banks worth $22.4 trillion in assets. Those numbers reflect the banks represented by the state associations; not all have individually committed to participating in the program, the BankChain Alliance noted.
"This is about banks of all sizes building their own future," Kathy Kraninger, president and CEO of the Florida Bankers Association and interim chair of the BankChain Alliance, said in a statement announcing the launch.
"Through an unprecedented collaboration representing thousands of banks, BankChain Alliance is developing a secure, regulated, industry-built and industry-owned 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."
The state bankers associations participating in the project are from: Alabama, Arkansas, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin and Wyoming.
The project comes in the wake of the passage of the GENIUS Act in July 2025, the first federal cryptocurrency bill, which regulates stablecoins -- a class of digital assets pegged to real-world fiat assets. The law gave states a one-year window after going into effect to devise their own regulatory regimes that are "substantially similar" to the federal law or adopt the federal framework.
Florida (HB 175), Alabama (HB 259), Delaware (SB 19), Georgia (HB 1272) and Maryland (SB 662) all signed stablecoin framework laws this year. The four 2026 laws largely complement the federal framework.
New York, which was the first state to establish a stablecoin framework through regulatory action in 2022, released a proposed update in June to better align with the GENIUS Act.
Wyoming last year approved the creation of the first state-level stablecoin which it made available for public purchase in January. North Dakota is working towards launching its own stablecoin.
The BankChain Alliance is in the process of choosing a partner to facilitate the technology side of the project.