Banking giant Barclays is reportedly exploring a significant push into blockchain technology. The firm has requested information from technology providers as it considers incorporating tokenized deposits and stablecoin payments into its services.
This move follows Barclays' earlier investment in stablecoin settlement firm Ubyx and participation in discussions around joint stablecoin issuance. Barclays Head of Digital Assets, Ryan Hayward, previously stated that specialized technology is crucial for enabling regulated financial institutions to interact seamlessly.
If Barclays proceeds, it would join other major financial institutions like JPMorgan, which has launched its own tokenized deposit and explored using crypto assets as collateral. Other banks, including Citi and Bank of America, have also expressed interest in stablecoins.
Despite these developments, Barclays' shares saw a nearly 4% decline on Friday amidst broader market downturns, though they remain up approximately 54% over the past year.