U.S. State Banking Associations To Launch Blockchain Network
Yahoo Finance ·
Associations that represent banks scattered across U.S. states are planning to launch their own blockchain network. A consortium of 39 state banking associations plans to launch a new bank-run blockchain network to facilitate financial innovations, including tokenized deposits and stablecoins. The 39 associations have signed onto the “BankChain Alliance” that aims to build the blockchain network by 2027. Goldman Sachs Reiterates Buy Ratings On Coinbase And Robinhood Bernstein Forecasts Bitcoin Will Reach $150,000 By Mid-2027 MEXC TradFi Gala Concludes With Over 170,000 Registrations and $4.3 Billion in Daily Trading Volume MEXC Lists Ondo Tokenized Stock Moderna (MRNAON), Expanding Access to U.S. Biotech Exposure HYPE Jumps 17% After Trump Backs CFTC Path for Hyperliquid in U.S. The blockchain network promises to be a secure, regulated network “that allows institutions of all sizes to provide modern capabilities so they can continue serving customers.” The confederation of banks says it is still searching for a technology partner to build the blockchain project, which it intends to be “interoperable with other networks.” News of the blockchain network comes as banks move to adopt digital asset innovations that will facilitate stablecoin and tokenization transactions. Last month, Swift, the bank-owned messaging network common across the global banking sector, announced that 17 banks, including Citigroup (NYSE: $C ) and Wells Fargo (NYSE: $WFC ), are testing transactions of tokenized digital assets on a blockchain ledger.
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