BankChain Alliance Aims to Rival Stablecoins with Nationwide Blockchain

Nearly four decades of U.S. banking associations have joined forces to create the BankChain Alliance, aiming to develop a nationwide, bank-governed blockchain by 2027.

The consortium, led by the Texas Banking Association, seeks to counter client and capital flight into blockchain-based stablecoins by offering tokenized deposits, FDIC-compliant fully backed stablecoins, and smart-contract settlements on its network.

The BankChain Alliance is now recruiting a technology partner to construct this infrastructure, which will enable banks to conduct near-instant settlement of digital assets.