The Independent Bankers Association of Texas (IBAT) has announced the creation of a groundbreaking consortium of community banks aimed at developing a tokenized deposit network. This initiative seeks to modernize banking infrastructure by leveraging blockchain technology to enhance efficiency, security, and interoperability for deposit management for participating institutions. The consortium will also be engaged in building out the framework for stablecoin adoption and usage for bank participants, enhancing product offerings for the customers that they serve.

The consortium initially will focus on creating a shared platform for tokenized deposits - digital representations of traditional bank deposits - and stablecoins that enable faster settlements, reduced costs, and improved liquidity in a secure regulated environment.  

To accelerate development, the consortium is actively seeking technology partners with expertise in blockchain, distributed ledger technology, and financial systems integration. Interested parties are invited to contact IBAT to participate in a formal Request for Information (RFI) process, which will help identify collaborators capable of supporting the network’s design, implementation and ongoing operations. Banks outside of Texas are invited to participate in the consortium as well.

Click Read More below for details on how to participate.