Report: Barclays Joins Global Banks Building Blockchain Payment Systems

Barclays is reportedly exploring a blockchain-based platform for payments and deposits as financial banking giants prepare for faster, digital settlement systems.

Sources Say the Banking Behemoth Barclays Is Preparing a Blockchain Strategy

The London-based lender has issued requests for information to technology providers as it evaluates building infrastructure capable of supporting blockchain payments, tokenized deposits and potentially stablecoins. People familiar with the matter told Bloomberg a shortlist of vendors could be selected as early as April 2026.

The move positions Barclays alongside peers investing in digital asset infrastructure as regulatory clarity expands in the United States and Europe. The initiative is designed to modernize core banking functions, including payments and settlement, using distributed ledger technology.

In January 2026, Barclays invested in Ubyx, a U.S.-based clearing platform focused on tokenized deposits and regulated stablecoins. Ubyx aims to build a global acceptance network for digital money while ensuring par-value redemption. Ryan Hayward, Barclays’ head of digital assets and strategic investments, said specialist infrastructure will be key to improving interoperability across blockchains and wallets.

Stablecoins — digital tokens pegged to fiat currencies such as the U.S. dollar — are increasingly used for near-instant settlement and lower-cost cross-border transactions. Market capitalization stands at roughly $309 billion today, with industry projections estimating growth to between $1 trillion and $4 trillion by 2030.

Regulatory developments are accelerating adoption. The GENIUS Act, signed in July 2025, established a federal framework for stablecoin issuers in the United States. In Europe, the Markets in Crypto-Assets regulation provides guidance for issuers, while Hong Kong and the United Kingdom are advancing their own regimes.

Stablecoin growth could create a parallel channel for deposits outside traditional finance (TradFi) banks, potentially affecting lending capacity. Research from central banks and academic institutions suggests widespread adoption could reduce aggregate deposits, though other studies indicate stablecoins may complement existing payment systems rather than fully replace them.

Industry data show transaction volumes in stablecoins already rival major card networks in certain segments, particularly in business-to-business payments and treasury operations. For banks such as Barclays, integrating blockchain infrastructure could help retain customer deposits while offering faster settlement options.

Barclays has not publicly confirmed a launch timeline for any platform, but its consultations with technology firms signal that large financial institutions are preparing for a digital money environment shaped by stablecoins and tokenized deposits.

FAQ 🔎

• What is Barclays developing? Barclays is evaluating a blockchain-based platform to handle payments, deposits and potentially stablecoins.
• How large is the stablecoin market? Global stablecoin market capitalization is about $300 billion, with projections reaching up to $4 trillion by 2030.
• What is the GENIUS Act? The GENIUS Act is a 2025 U.S. federal law establishing regulatory guidelines for stablecoin issuers.
• Could stablecoins affect bank deposits? Some research suggests stablecoins could shift deposits away from traditional banks, though others say they may complement existing systems.