British multinational banking giant Barclays is considering building a blockchain platform for payments and deposits, Bloomberg reported on Friday, citing people familiar with the discussions.
The bank is evaluating technology providers and aims to select a partner as early as April. This effort is likely to include both stablecoin integration and tokenized deposit functionality.
Barclays has pivoted from a cautious approach to aggressive infrastructure investments to keep pace with peers such as JPMorgan and HSBC that are introducing distributed ledger technology into financial services.
In October 2025, the London-based lender joined a bank-led consortium exploring reserve-backed digital currencies on public blockchains. The initiative focuses on assets anchored in the G7 to improve the speed and cost of cross-border payments.
Last month, Barclays announced a strategic investment in Ubyx, a US company that provides a global clearing system for tokenized deposits and regulated stablecoins.
The partnership focuses on interoperability, allowing banks and other regulated institutions to offer digital wallets alongside traditional accounts.
“Interoperability is essential to unlocking the full potential of digital assets. As the token, blockchain and wallet landscape evolves, specialized technology will play a vital role in providing the connectivity and infrastructure to enable regulated financial institutions to interact seamlessly,” Ryan Hayward, head of digital assets and strategic investments at Barclays, said in a January statement.
Barclays’ blockchain efforts reflect the trend of blockchain adoption by banks around the world. Although still in its infancy, the pace of exploration is accelerating as stablecoin trading volumes expand.
Stablecoins such as USDT and USDC are growing in global payments, with some estimates suggesting they could process more than $50 trillion annually by 2030.
Regulatory developments are accelerating institutional interest. The recently enacted US GENIUS Act, which establishes a framework for dollar-backed tokens, is prompting major financial institutions to rethink their digital asset strategies.
