Barclays is joining a growing list of major banks exploring the use of blockchain technology to modernize their payments and deposits systems.
The effort aims to increase efficiency and reduce costs, while also enabling the creation of stablecoins and tokenized deposits. This move is in line with the trend of global lenders adopting digital assets to stay competitive.
Barclays has sent requests for information to select technology providers as part of its exploration into blockchain technology. The bank aims to design infrastructure that can handle payments and deposits on blockchain rails, and potentially expand into settlement services and cross-border transfers.