On August 25, 39 state bankers associations announced the formation of the “BankChain Alliance,” an industry-owned blockchain network targeting a 2027 launch. The alliance stated it will allow participating financial institutions of all sizes to provide emerging banking capabilities — including smart payment tools, tokenized deposits, stablecoins, and automated settlement — through the blockchain network, while maintaining regulatory standards and security. The alliance described the effort as one of the most expansive collaborations among state bankers associations, with participating institutions serving millions of consumers, businesses, and communities nationwide. Kathy Kraninger, the former director of the CFPB and current president and CEO of the Florida Bankers Association, was named as the interim chair of the BankChain Alliance. The alliance stated it is currently undergoing the process to select a technology partner for its network and plans for the network to be interoperable with other networks. The alliance will also invite ownership from banks across the country.