According to CoinMeta, 39 state bank associations in the United States have announced the establishment of a Bankchain alliance, aimed at developing a bank-led blockchain network that will support tokenized deposits, stablecoins, smart payments, and automatic settlements, with plans to launch in 2027. The alliance stated that the proposed network will be designed, managed, and owned by the banking industry, and all banks in the United States will be able to participate as owners. Currently, Bankchain is still in the development phase and has not yet begun operating a payment network. The alliance has completed the first phase of proposal solicitation and is evaluating technical providers, while also planning the infrastructure for connections with other financial networks.