Barclays Bank Explores Blockchain for Tokenized Deposits, Vendor Selection Expected by Early April

Barclays Bank has sent information requests to selected technology vendors to evaluate building a blockchain platform for banking services such as payments, with potential applications including stablecoins and tokenized deposits, and aims to complete vendor selection as early as April, Odaily Planet Daily reports. Stablecoin use in payments is expanding, with annual volumes potentially exceeding $50 trillion by 2030, according to Bloomberg Intelligence. Several banks are deploying blockchain systems; JPMorgan has launched JPM Coin, a deposit token for payments to institutional clients, while HSBC plans to expand tokenized deposit services to corporate clients in the U.S. and the UAE in the first half of this year.