Banking

The consortium wants a dollar token live in the first half of 2027. The OCC will not finish writing its GENIUS Act rules until November.

The BankChain Alliance has 3,283 member banks and $21.8 trillion of assets behind it, a 2027 target and no technology partner. The same associations spent July asking the Senate to delete the CLARITY Act subsection that lets stablecoin issuers pay activity-based rewards.

Senators Cynthia Lummis and Thom Tillis publicly stood behind the stablecoin yield language in the CLARITY Act on Monday after a coalition of five banking trade groups attacked the compromise as inadequate. The next two weeks will decide whether the deal holds.

HSBC's Global Payments Solutions unit has completed a pilot issuing and settling tokenised deposits on the Canton Network, marking the bank's first use of a public blockchain for the service.

The FDIC has approved proposed rules requiring stablecoin issuers to honour redemptions within two business days, maintain one-to-one reserve backing, and meet capital and risk management standards — while explicitly excluding stablecoin holders from deposit insurance protection.

The FDIC board voted on 7 April to advance a comprehensive prudential framework governing how federally supervised banks can issue, back, and redeem payment stablecoins, including a two-business-day redemption requirement.

The State Administration of Taxation and the National Financial Regulatory Administration jointly issued guidelines on 5 April that embed blockchain into the country's bank-tax data infrastructure, with a nationwide rollout targeted for 2029.

Kraken Financial became the first digital asset bank to receive a Federal Reserve master account from the Kansas City Fed, granting direct access to Fedwire.

Samsung SDS has confirmed development of blockchain-based signature and authentication systems for Korean financial institutions, marking the technology company's formal entry into banking infrastructure.