Crypto
US Banks Unite Against Stablecoin Threat with BankChain Alliance
Thirty-nine banking associations in the United States have formed the BankChain Alliance to address their concerns about client and capital flight into stablecoins. The initiative aims to develop a 24/7, nationwide bank-governed system for on-chain banking.
The consortium represents thousands of community and mid-sized commercial banks, with the Texas Banking Association leading the effort. By creating a competing platform, the banks seek to curb their fears about losing customers and funds to blockchain-based stablecoins.