Barclays is quietly exploring a move into blockchain-powered settlement, Bloomberg reports.
The London bank is in talks with potential technology vendors about building a blockchain platform to handle payments and other back‑office processes, sources “familiar with the matter” told Bloomberg. The project — which could encompass tokenization and stablecoin use — would position Barclays to compete with incumbents like JPMorgan that have already been rolling out tokenized solutions.
JPMorgan launched its dollar-denominated JPM Coin in 2019 to enable tokenized deposits on a distributed ledger. More recently, HSBC has also begun enabling tokenized deposits as it pushes into blockchain-based payments. Banks say these efforts aim to make traditional financial workflows more transparent and efficient by moving activity onto distributed networks that remove some intermediaries and speed settlement times.
Barclays did not respond to CoinDesk’s request for comment. The Bloomberg report suggests the bank is still in the exploratory phase as it shops for a technology partner to build out the potential settlement engine.
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