Barclays exploring blockchain settlement tools as banks brace for stablecoin growth: Bloomberg

Barclays is evaluating blockchain-based settlement systems in response to the increasing popularity of stablecoins, which are projected to experience significant growth in the coming years. The bank has approached technology providers to explore infrastructure for payments and tokenized deposits, though plans are still preliminary. The stablecoin market is nearing $300 billion, with Tether’s USDT and Circle’s USDC dominating the market. Experts predict the market could reach $2 to $5 trillion by 2030, potentially impacting traditional bank deposits. Barclays has already invested in Ubyx, a stablecoin settlement startup, and JPMorgan has launched its JPM Coin on Coinbase’s Base network, demonstrating a broader industry trend toward blockchain-based financial solutions.

(Source：The Block)