Thirty-nine state banking associations have formed the BankChain alliance. The participating associations include thousands of financial institutions across the United States. BankChain will give banks across the country the opportunity to own a stake in the network. However, the alliance did not mention any individual institutions that have confirmed their participation. In addition, no information has been disclosed about how the network will be governed or funded.
The initiative will support tokenized deposits, stablecoins, and automated settlements. In addition, the network will be interoperable with other blockchains. The project is currently at the stage of selecting a technology partner.