Barclays probes blockchain for banking functions like payments, deposits: Report

The UK lender is reportedly seeking a technology partner to support blockchain-based payments and deposits as stablecoin adoption accelerates across finance and Big Tech.

UK banking giant Barclays is reportedly exploring blockchain technology for core banking services, the latest sign that major financial institutions are evaluating digital ledger infrastructure to modernize legacy systems.

Citing people familiar with the matter, Bloomberg reported Friday that Barclays is seeking technology providers for a blockchain platform capable of handling payments, deposits and crypto-related applications such as stablecoins and tokenized deposits.

The lender has issued requests for information to several technology suppliers, though the companies were not identified. A vendor selection could be made as early as April, the report said.

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