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Barclays Explores Blockchain Platform for Payments Amid Industry Shift
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Key Takeaways
Barclays is assessing a blockchain-based platform for payments and deposits.
The system may enable stablecoin payments and tokenized deposits on a distributed ledger.
BCS joins peers like JPMorgan and HSBC expanding TDS globally.
Barclays PLC (BCS - Free Report) is assessing the launch of a blockchain-based platform to strengthen its payments and deposits infrastructure. The London-based lender has circulated requests for information to select technology providers as it evaluates potential partners for the initiative. The news was first reported by Bloomberg.
While the project remains at an early stage, the bank could move to choose providers as soon as April. However, a spokesperson declined to comment on the plans.
The proposed system may support applications like stablecoin payments and tokenized deposits. Stablecoins are digital tokens pegged to traditional currencies that enable round-the-clock settlement, while tokenized deposits represent bank balances on a distributed ledger.
By leveraging decentralized ledger technology, Barclays could enable faster settlement, including near-real-time and cross-border transfers, while improving transparency and operational efficiency compared with traditional payment rails.
BCS Joins as Industry Shifts to Blockchain Integration?
Barclays’ move reflects a broader industry shift, as traditional financial institutions increasingly experiment with blockchain-based settlement systems. What began as limited experimentation has gradually evolved into structured initiatives aimed at improving efficiency, transparency and settlement speed across banking operations.
Several major banks, including JPMorgan (JPM - Free Report) , have already rolled out blockchain-driven offerings. JPMorgan introduced JPM Coin, a dollar-denominated deposit token that enables institutional clients to transfer funds on a blockchain network. These tokenized deposits represent money held in bank accounts but are issued on a distributed ledger, allowing payments to move more efficiently within the bank’s ecosystem.
Beyond deposit tokens, JPMorgan has explored blockchain applications for internal payments and cross-border transactions.
Likewise, HSBC Holdings plc (HSBC - Free Report) has developed and rolled out a tokenised deposit service (TDS), initially launching in Hong Kong and Singapore to allow corporate clients to convert traditional bank deposits into digital tokens. Building on this, HSBC is expanding TDS to the United States and the UAE, targeting corporate users in key global markets. The extended rollout aims to bring 24/7 settlement capabilities, automation features like programmable payments and advanced treasury tools to clients in those regions.
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Barclays Explores Blockchain Platform for Payments Amid Industry Shift
Key Takeaways
Barclays PLC (BCS - Free Report) is assessing the launch of a blockchain-based platform to strengthen its payments and deposits infrastructure. The London-based lender has circulated requests for information to select technology providers as it evaluates potential partners for the initiative. The news was first reported by Bloomberg.
While the project remains at an early stage, the bank could move to choose providers as soon as April. However, a spokesperson declined to comment on the plans.
The proposed system may support applications like stablecoin payments and tokenized deposits. Stablecoins are digital tokens pegged to traditional currencies that enable round-the-clock settlement, while tokenized deposits represent bank balances on a distributed ledger.
By leveraging decentralized ledger technology, Barclays could enable faster settlement, including near-real-time and cross-border transfers, while improving transparency and operational efficiency compared with traditional payment rails.
BCS Joins as Industry Shifts to Blockchain Integration?
Barclays’ move reflects a broader industry shift, as traditional financial institutions increasingly experiment with blockchain-based settlement systems. What began as limited experimentation has gradually evolved into structured initiatives aimed at improving efficiency, transparency and settlement speed across banking operations.
Several major banks, including JPMorgan (JPM - Free Report) , have already rolled out blockchain-driven offerings. JPMorgan introduced JPM Coin, a dollar-denominated deposit token that enables institutional clients to transfer funds on a blockchain network. These tokenized deposits represent money held in bank accounts but are issued on a distributed ledger, allowing payments to move more efficiently within the bank’s ecosystem.
Beyond deposit tokens, JPMorgan has explored blockchain applications for internal payments and cross-border transactions.
Likewise, HSBC Holdings plc (HSBC - Free Report) has developed and rolled out a tokenised deposit service (TDS), initially launching in Hong Kong and Singapore to allow corporate clients to convert traditional bank deposits into digital tokens. Building on this, HSBC is expanding TDS to the United States and the UAE, targeting corporate users in key global markets. The extended rollout aims to bring 24/7 settlement capabilities, automation features like programmable payments and advanced treasury tools to clients in those regions.