Barclays Eyes New Tech for Blockchain Settlement: Bloomberg

Barclays is exploring blockchain settlement technology by consulting prospective providers to develop a new payments platform, Bloomberg reported on Friday. The London-based bank aims to rival JPMorgan and HSBC in adopting decentralized ledger systems for banking.

Barclays Blockchain Platform May Include Stablecoins

The planned blockchain settlement engine could encompass both stablecoins and tokenization, according to people familiar with the matter cited by Bloomberg. The platform would position Barclays alongside peers already using decentralized technology for financial services.

JPMorgan introduced tokenized deposits — deposits represented as digital tokens on a distributed ledger — via its JPM Coin back in 2019. HSBC has since enabled tokenized deposits to expand its blockchain-based payments push.

Why Are Banks Pursuing Blockchain Settlement?

Major banks are pursuing blockchain settlement because decentralized networks can make financial processes more transparent and efficient. By reducing intermediary involvement and enabling faster settlement, these systems cut reliance on third-party processors that slow traditional banking.

Barclays did not respond to requests for comment. The bank joins a growing list of global institutions investing in distributed ledger infrastructure.

What This Means Going Forward

Barclays' move signals that blockchain adoption among top-tier European banks is accelerating. A successful deployment of a settlement engine with stablecoin and tokenization capabilities could reshape cross-border payments and securities processing at one of the United Kingdom's largest financial institutions.