Barclays, the British multinational banking giant, is exploring building a blockchain platform for payments and deposits, Bloomberg reported Friday, citing people with knowledge of the exploration.
The bank is evaluating technology providers and aims to select partners as early as April. The initiative could include both stablecoin integration and tokenized deposit options.
Barclays has moved from a cautious approach to active infrastructure investing to keep pace with peers such as JPMorgan and HSBC, which have deployed distributed ledger technology in financial services.
In October 2025, the London-based lender joined a bank-led consortium to explore a reserve-backed digital currency on public blockchains. The initiative focuses on G7-linked assets to improve the speed and costs of cross-border settlements.
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 collaboration will focus on interoperability, allowing banks and other regulated institutions to offer digital wallets in addition to traditional accounts.
“Interoperability is essential to unlocking the full potential of digital assets. As the landscape of tokens, blockchains and wallets evolves, specialized technology will play a critical role in providing connectivity and infrastructure to enable regulated financial institutions to communicate seamlessly,” Ryan Hayward, head of Digital Assets and Strategic Investments at Barclays, said in a January statement.
Barclays’ blockchain initiative reflects a trend among global banks to adopt blockchain. Although still early, the pace of exploration has increased as stablecoin transaction volumes increase.
Stablecoins such as USDT and USDC are rising in global payments, with estimates suggesting they could process more than $50 trillion annually by 2030.
Regulatory developments have accelerated institutional interest. The US GENIUS Act, recently enacted legislation providing a framework for dollar-backed tokens, has prompted major financial institutions to rethink their digital asset strategies.