According to Bloomberg, Barclays Plc has reached out to multiple technology vendors to evaluate the development of a blockchain-based banking platform for processing payments and other transactions. The platform may include applications such as stablecoins and tokenized deposits, with the goal of finalizing partners as early as April. As stablecoins rapidly grow in the payments sector and are expected to exceed $50 trillion in annual transaction volume by 2030, banks are accelerating their adoption of related technologies to safeguard their core businesses. Previously, JPMorgan launched JPM Coin for institutional clients to use in payments, and HSBC also plans to expand its tokenized deposit services to corporate clients in the US and UAE this first half of the year.