Multinational bank Barclays (BARC) is exploring the creation of a blockchain platform for payments and other processes, Bloomberg reported on Friday.
The London-based financial services giant is in talks with potential technology providers to develop such a platform that would allow it to compete with JPMorgan Chase & Co (JPM) and others in using decentralized technology to provide banking services.
The report cited people familiar with the matter as saying that Barclays’ blockchain-based plans may include stablecoins and tokenization.
JPMorgan Chase first allowed tokenized deposits (deposits represented as digital tokens on a decentralized ledger) via its USD-denominated JPM Coin back in 2019.
Recently, HSBC also enabled tokenized deposits to expand its push into blockchain-based payments.
These institutions are exploring how blockchain technology can make existing financial processes more transparent and efficient by running on a decentralized network that lacks the input of intermediaries and allows for faster settlement.
Barclays did not respond to CoinDesk’s request for comment.
Read more: JPMorgan expands blockchain goals, plans to build ‘interoperable digital currency’
