Barclays is evaluating the construction of a blockchain platform to handle payment and deposit operations
According to Bloomberg, Barclays has sent requests for information to some potential technology suppliers to assess how to build a blockchain platform for processing banking operations such as payments, with possible applications including stablecoins and tokenized deposits, aiming to finalize vendor selection as early as April.
The application of stablecoins in the payment sector is expanding, with Bloomberg Intelligence estimating that by 2030, the annual transaction volume of stablecoin payments could exceed $50 trillion. Previously, Meta has also been testing the integration of stablecoin payments into its applications.
Several banks have begun to lay out blockchain systems, with JPMorgan having previously launched the deposit token JPM Coin for payments to institutional clients, and HSBC planning to expand its tokenized deposit services to corporate clients in the U.S. and UAE in the first half of this year.
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