Barclays is exploring the development of a blockchain platform to manage processes such as payments, joining global peers like JPMorgan Chase in investigating digital-asset technology for banking services.

The UK-based lender has issued a request for information to potential technology suppliers as it considers how to expand its offerings, according to people familiar with the matter who requested anonymity due to the private nature of the discussions.

The initiative could encompass payments applications such as stablecoins and tokenised deposits, according to Bloomberg.

Stablecoins, typically pegged to assets like the US dollar, are gaining traction in payments and could threaten traditional banking revenue streams, as technology firms and fintechs increasingly enter the space.

Meta is reportedly testing ways to integrate stablecoin payments into its apps.

Banks are looking to protect their position and capitalise on the opportunity by building blockchain systems capable of processing payments and settlements around the clock.

JPMorgan has begun rolling out its deposit token, JPM Coin, for institutional clients, while HSBC plans to expand its tokenised deposit service to corporate clients in the US and UAE in the first half of this year.

Tokenised deposits are essentially on-chain representations of clients’ bank account balances.

Although banks and large corporates have experimented with blockchain-based services for over a decade, most systems remain in their infancy, and transaction volumes are far lower than those processed via traditional platforms.

Barclays aims to select technology providers as soon as April, signalling a renewed push into digital-asset banking infrastructure.

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