US Banks Unite Against Crypto Stablecoins with 'BankChain' Blockchain
The BankChain Alliance is a consortium of 39 banking associations in the United States that aims to develop a bank-governed and permissioned blockchain by 2027.
The initiative was initiated by the Texas Banking Association, which represents thousands of community and mid-sized commercial banks.
The new network will feature tokenized deposits, allowing clients to convert standard bank deposits into digital tokens on a shared ledger. This will provide instant liquidity and transactions, eliminating the need for withdrawals from the bank.
The consortium plans to issue native FDIC-compliant and fully backed stablecoins, providing regulated alternatives to private stablecoins like USDT and USDC.
The BankChain Alliance is now searching for a technology partner to construct the network with all its features.