U.S. state banking associations plan to launch their own nationwide blockchain networkAfter a year of policy battles in Washington between bankers and the crypto sector, the banks' state associations have announced they intend to launch a new bank-run blockchain network to facilitate financial innovations, including smart payments, tokenized deposits and stablecoins.
Thirty-nine of the state banking associations signed on to the "BankChain Alliance" with an aim to build out the blockchain by next year, describing the project as "industry-owned, industry-designed and industry-governed."
It's "an unprecedented collaboration representing thousands of banks," — said Kathy Kraninger, the head of the Florida Bankers Association and a former director of the Consumer Financial Protection Bureau.
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