According to CoinMeta, 39 American banks have jointly established a “BankChain” alliance, planning to launch a nationwide licensed blockchain ledger to compete with stablecoins. The network will be managed by the banks to ensure compliance, security, and fast operation, and it will be operational around the clock. The alliance was initiated by the Texas Bankers Association and represents thousands of community and mid-sized commercial banks, with the goal of developing a 24/7 national bank-governed licensed blockchain by 2027. The network will possess the security and compliance of traditional banking systems, allowing banks to conduct nearly instant digital asset settlements. Banks also plan to issue stablecoins that meet the FDIC standards, providing customers with a regulated alternative.