Barclays is exploring a blockchain upgrade for payments and tokenized deposits, having issued an RFI to technology vendors. The project could involve stablecoins and aims to finalize a vendor by April. The use of stablecoins in payments is growing, with Bloomberg Intelligence forecasting over $5 trillion in annual volume by 2030. JPMorgan and HSBC have also expanded their tokenized deposit services. Blockchain news continues to highlight major banks testing new digital infrastructure.

Odaily Planet Daily reports that Barclays Bank has sent out information requests to selected potential technology vendors to evaluate how to build a blockchain platform for handling banking services such as payments, with potential applications including stablecoins and tokenized deposits, aiming to complete vendor selection as early as April.

The use of stablecoins in payments is expanding, with Bloomberg Intelligence estimating that annual stablecoin payment volumes could exceed $50 trillion by 2030. Previously, Meta also tested integrating stablecoin payments into its apps. Several banks have begun deploying blockchain systems; JPMorgan has already launched JPM Coin, a deposit token for payments to institutional clients, while HSBC plans to expand its tokenized deposit services to corporate clients in the U.S. and the UAE in the first half of this year.