Odaily Planet Daily reports that Barclays has sent inquiries to some potential technology vendors to evaluate how to build a blockchain platform for banking services such as payments. Its application areas may include stablecoins and tokenized deposits, with the goal of selecting vendors as early as April.
The use of stablecoins in payments is expanding. Bloomberg Intelligence estimates that by 2030, the annual transaction volume of stablecoin payments could exceed $50 trillion. Previously, Meta was also testing integrating stablecoin payments into its applications. Several banks are already developing blockchain systems; JPMorgan has launched its deposit token, JPM Coin, for institutional clients to use for payments. HSBC plans to expand its tokenized deposit services to corporate clients in the US and UAE in the first half of this year.
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