Barclays Explores Blockchain for Payments and Deposits: Bloomberg

Barclays, a major UK bank, is investigating the use of blockchain technology for core banking functions, according to a Bloomberg report. The bank is seeking technology providers for a platform capable of handling payments, deposits, stablecoins, and tokenized deposits, with a vendor selection potentially occurring as early as April. This move follows Barclays’ recent investment in Ubyx, a stablecoin clearing platform, and aligns with a broader industry trend of banks and Big Tech companies evaluating stablecoins for faster, lower-cost settlements. While stablecoins offer opportunities for streamlining payments and reducing reliance on intermediaries, they also pose a potential competitive risk to traditional banks by potentially shifting deposits and payment flows. The combined market capitalization of stablecoins is nearing $310 billion, highlighting the growing interest and potential impact of these digital assets.

(Source：Cointelegraph)