Barclays has begun conversations with technology providers to explore the use of digital asset technology for various banking services, with potential stablecoin and tokenized deposit solutions under consideration for a decision by April. The bank has long been active in the digital money space, including a presence on the Bank of England’s CBDC Technology Forum for the digital pound and investment in Fnality, a consortium focused on institutional settlement. Barclays is involved in at least three initiatives relevant to this development, including participation in the UK multibank tokenized deposit solution GBTD, a model designed to enable cross-bank payments.
Multibank offerings are rare but increasingly seen as useful for enabling interoperability across banks. Industry context shows that HSBC, Lloyds and Standard Chartered have standalone tokenized deposit solutions, signaling a broader push toward tokenization in the sector. Interoperability remains a key consideration as banks weigh whether standalone or multibank arrangements best support various use cases.
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