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 consulting with potential technology providers on developing such a platform that would allow it to compete with JPMorgan (JPM) and others in the use of decentralized technologies for banking services.
Barclays’ blockchain-based plans could include stablecoins and tokenization, the report said, citing people familiar with the matter.
JPMorgan first allowed tokenized deposits – deposits represented as digital tokens on a decentralized ledger – through its dollar-denominated JPM Coin as early as 2019.
More recently, HSBC also enabled tokenized deposits to expand its own initiative into blockchain-based payments.
These institutions are exploring how blockchain technology can make existing financial processes more transparent and efficient by running them on decentralized networks devoid of some of the input of intermediaries and enabling faster settlement.
Barclays did not respond to CoinDesk’s request for comment.
Read more: JPMorgan expands blockchain goals, plans to create ‘interoperable digital currency’
