Barclays reviews blockchain payments system to prepare for stablecoin proliferation

JH Kim

Summary

Barclays said it is reviewing the adoption of a blockchain-based payments system to respond to the spread of stablecoins and the potential digitization of deposits.
Barclays said it has contacted relevant technology providers to build infrastructure to support payment processing and tokenized deposits, but discussions are still at an early stage.
Global banks are seeking to build digital payments infrastructure and collaborate with external platforms in response to growth in the stablecoin and tokenized asset markets, and Barclays’ move was described as an extension of this trend.

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Barclays, the UK investment bank, is reported to be considering adopting a blockchain-based payments system to respond to the spread of stablecoins and the potential digitization of deposits.

According to Bloomberg on the 27th (local time), Barclays has been in contact with relevant technology providers to build infrastructure to support payment processing and tokenized deposits. Discussions remain at an early stage, however, and no formal plan to launch a service has been announced.

Recently, banks globally have been exploring building their own digital payments infrastructure or partnering with external platforms in response to growth in the stablecoin and tokenized-asset markets. Barclays’ move is also seen as an extension of traditional finance’s broader shift toward embracing digital assets.