Barclays Explores Blockchain for Payments and Stablecoins

Barclays has issued a request for information to potential technology suppliers as it considers expanding its offerings through the development of a blockchain platform.

The UK-based lender is looking to protect its position in the market and capitalize on opportunities presented by digital-asset technology. This includes the increasing popularity of stablecoins, which are typically pegged to assets like the US dollar.

Stablecoins are gaining traction in payments and could potentially threaten traditional banking revenue streams as technology firms and fintechs increasingly enter the space.

Banks such as JPMorgan Chase have already begun rolling out their own digital-asset services, including tokenized deposits. Tokenized deposits are essentially on-chain representations of clients' bank account balances.