Stablecoins Reach $260B as Barclays Eyes Blockchain for Payment Processing

The rapid growth of the stablecoin market has prompted Barclays and other major banks to accelerate their investment in blockchain technology.

According to Bloomberg, Barclays is currently evaluating blockchain platforms for payments and deposits, with a request for information sent to technology providers. This marks a significant shift from the bank's cautious approach to digital assets in recent years.

The stablecoin market has reached a combined market cap of over $260 billion, up 160% from its lows at the end of 2023. Bloomberg Intelligence estimates that stablecoins could process over $50 trillion in payments annually by 2030, making them an increasingly important player in the global financial infrastructure.

Barclays' initiative is part of a broader trend among major banks to invest in blockchain infrastructure. JPMorgan and HSBC have already deployed blockchain-based payment solutions, while Meta Platforms is exploring stablecoin payments across its apps.