Barclays Eyes Blockchain Technology for Tokenized Deposits and Stablecoin Payments

London-based banking giant Barclays is exploring the possibility of using blockchain technology for tokenized deposits and stablecoin payments. According to sources close to the matter, the bank has requested information from technology providers regarding a potential push into blockchain.

This move comes after Barclays made an investment in Ubyx, a firm that specializes in stablecoin settlements. The bank's interest in blockchain technology was also hinted at by its Head of Digital Assets, Ryan Hayward, who stated that specialist technology will play a crucial role in delivering connectivity and infrastructure for regulated financial institutions to interact seamlessly.

If Barclays decides to move forward with tokenized deposits or stablecoins, it would join other major banking institutions that have already entered the crypto space. For instance, JPMorgan has launched its own tokenized deposit token, JPMD, on the Coinbase-incubated Ethereum scaling network, Base.