U.S. state banking associations plan nationwide bank-run blockchain network

The BankChain Alliance plans to launch a nationwide blockchain network run by state banking associations. Thirty-nine state banking associations have joined the alliance. The associations aim to build the blockchain by next year. The alliance has not yet selected a technology partner. The network would support smart payments, tokenized deposits and stablecoins. The associations describe the project as industry-owned, industry-designed and industry-governed. Kathy Kraninger is serving as interim chair of the project. Kraninger said the network would be secure and regulated. She said institutions of all sizes could use it to provide modern capabilities in rural, urban and regional communities across the country. The alliance intends for the network to be interoperable with other networks.