Thirty-nine U.S. state banking associations have formed the BankChain Alliance and plan to launch an industry-owned blockchain network by 2027. The network is intended to support financial applications including smart payments, tokenized deposits, and stablecoins. The alliance is chaired on an interim basis by Kathy Kraninger, CEO of the Florida Bankers Association and former director of the Consumer Financial Protection Bureau. Kraninger said the network will be "industry-owned, industry-designed, and industry-governed" and interoperable with other networks. The project is still seeking technology partners.