39 American banks join forces for blockchain network

39 American state banking associations have founded the BankChain Alliance to jointly build a blockchain network. The launch is planned for 2027 and is intended to enable tokenized deposits, stablecoins and payments on the blockchain. At the same time, major banks such as Bank of America, Wells Fargo and Santander are working on a joint stablecoin for corporate payments. Meanwhile, Bitcoin is trading at $79.100, up 0.3% in the past 24 hours.

In brief:

• 39 American state banking associations are jointly establishing the BankChain Alliance for a blockchain network with a planned launch in 2027.
• Bank of America, Wells Fargo and Santander are working on a joint stablecoin for corporate payments.
• The SEC sends proposed changes to crypto custody rules to the White House.

Banks commit to their own blockchain infrastructure

The BankChain Alliance is a new partnership of 39 American state banking associations. Its goal is to build a blockchain network that is fully owned by the banks themselves, with tokenized deposits, stablecoins and payments on the blockchain as its main applications. The intended go-live is in 2027.

In parallel, more than a dozen major banks, including Bank of America, Wells Fargo and Santander, are working on plans for a joint stablecoin. That coin is specifically aimed at corporate payments. JPMorgan has also been exploring the launch of its own stablecoin for some time.

The move by traditional banks towards blockchain fits into a broader international trend. For example, Japan is working on blockchain-based settlement for bonds and equities, while Standard Chartered earlier became the first bank to distribute a Hong Kong stablecoin.

SEC sends new custody rules to White House

The US securities regulator SEC has sent proposed changes to crypto custody rules to the White House. The changes are intended to clarify how investment advisers and funds may hold digital assets on behalf of clients. Blockchainstories previously reported on the SEC’s plans to review these rules.

Analyst Bernstein expects Bitcoin to reach $300.000 by 2029. According to the firm, the so-called debasement trade is driving demand for scarce assets, with investors viewing Bitcoin as protection against the erosion of traditional currencies.

Geopolitical tension in the background

Alongside developments in the crypto sector, geopolitical uncertainty is also playing a role. CIA Director John Ratcliffe is said to have made an unannounced visit to Moscow to warn Russia against launching an attack on a NATO country. US intelligence agencies are assessing whether President Putin might test the resolve of the alliance.

Whether that geopolitical tension affects the crypto markets remains unclear for now. The broad market positioning is still described by analysts as positive for digital assets, partly due to the acceleration of institutional adoption and progress in US regulation.