Barclays is evaluating the construction of a blockchain platform to handle payment and deposit operations

Barclays has sent information request letters to some potential technology suppliers to assess how to build a blockchain platform for handling banking operations such as payments, with possible applications including stablecoins and tokenized deposits, aiming to finalize vendor selection by April at the earliest.

The application of stablecoins in the payment sector is expanding, with Bloomberg Intelligence estimating that the annual transaction volume of stablecoin payments could exceed $50 trillion by 2030. Previously, Meta has also been testing the integration of stablecoin payments into its applications. Several banks have begun to lay out blockchain systems; JPMorgan has already launched the deposit token JPM Coin for payments to institutional clients, and HSBC plans to expand its tokenized deposit services to corporate clients in the U.S. and UAE in the first half of this year.