Banks Are Going Blockchain—and It’s Not Just a Pilot Anymore

The past year has seen a quiet but profound shift in how traditional banks view blockchain technology. Once treated with skepticism, blockchain is now moving from the fringes into the core of banking operations. In March 2025, a little-noticed public hearing in Connecticut symbolized this change: Fnality International, a bank consortium-driven blockchain payment network, sought a U.S. bank charter and Federal Reserve approval to launch a digital dollar settlement system. If approved, U.S. banks would gain access to a 24/7, blockchain-based network for moving funds backed by central bank money – a development almost unthinkable a few years ago. This editorial explores how and why U.S.

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