Barclays Eyes Blockchain Platform for Enhanced Payments Processing

Global banking giant Barclays has announced plans to develop a blockchain-based platform for handling payments and other transactions. According to sources familiar with the matter, the proposed platform may incorporate stablecoins and tokenization features.

The move follows similar initiatives by rival institutions, such as JPMorgan's JPM Coin, which allows for tokenized deposits since 2019. Other banks, including HSBC, have also explored blockchain-based payments to increase efficiency and transparency in financial processes.

By leveraging decentralized networks, blockchain technology can reduce the need for intermediaries and expedite settlement times. The development of such a platform could potentially disrupt traditional banking systems and open new opportunities for innovation.