Multinational bank Barclays (BARC) is exploring creating 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 rival JPMorgan (JPM) and others in the use of decentralized technology for banking services.
Barclays’ blockchain-based plans could include stablecoins and tokenization, according to the report, which cites 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 in 2019.
More recently, HSBC has also allowed tokenized deposits to expand its own push into blockchain-based payments.
These institutions are exploring how blockchain technology can make existing financial processes more transparent and more efficient by carrying them out on decentralized networks that lack some input from intermediaries and allow for faster settlement.
Barclays did not respond to CoinDesk’s request for comment.
Read more: JPMorgan expands blockchain goals, plans to build ‘interoperable digital money’
