AUSTIN, TX—The Independent Bankers Association of Texas (IBAT) today 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, comprising forward-thinking IBAT members, 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.
In addition to the resources available through Compliance Select, IBAT has partnered with Community Bank Advisory Services, IBAT’s General Counsel and former regulator, Anne Balcer, to assist in building out the compliance and enterprise risk management framework enabling successful implementation by all bank participants. By pooling resources and expertise, the group aims to empower independent banks to compete in the evolving digital economy while maintaining the high standards of trust and compliance that define community banking.
“This consortium represents a pivotal step forward for Texas community banks and other industry partners, allowing us to harness digital ledger technology to better serve
