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 giant is consulting with potential technology providers about developing such a platform that would compete with JPMorgan ( JPM ) and others in using decentralized technology for banking services.
Barclays’ blockchain-based plans could include stablecoins and tokenization, according to the report, 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 way back in 2019.
Recently, HSBC has also enabled tokenized deposits to expand its own push into blockchain-based payments.
Such institutions are exploring how blockchain technology can make existing financial processes more transparent and more efficient by executing them on decentralized networks that lack some input from intermediaries and allow faster settlement.
Barclays did not respond to CoinDesk’s request for comment.
Read more: JPMorgan expands blockchain goals, plans to build ‘interoperable digital money’
