Barclays Explores Blockchain for Payments and Tokenized Deposits, Targets Partner Selection by April 2026 Amid $310 Billion Stablecoin Market Growth

UK Banking Giant Issues Vendor Outreach as It Expands Into Stablecoin Settlement Infrastructure

TL;DR

• Barclays is consulting vendors on a blockchain platform supporting payments, stablecoins, and tokenized deposits, with partner selection expected by April 2026.
• The bank previously invested in U.S.-based stablecoin settlement firm Ubyx, its first stablecoin-related investment.
• Stablecoin market capitalization is approaching $310 billion as banks and fintechs race to modernize payment rails.

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Barclays has begun consulting technology vendors as it explores building a blockchain-based platform to support payments, stablecoins, and tokenized deposits, according to reporting published February 27, 2026. The United Kingdom lender has issued a request for information to potential technology providers capable of developing digital asset infrastructure that could underpin core banking services, including blockchain-powered settlement systems.

People familiar with the matter said the proposed platform would focus on enabling payment applications anchored on digital assets, particularly fiat-pegged stablecoins and tokenized bank deposits representing on-chain versions of traditional currency holdings. The bank is seeking to identify suitable partners and could select vendors as early as April 2026, according to the reports.

The initiative places Barclays among a growing number of global financial institutions reassessing blockchain settlement tools as stablecoin adoption accelerates. The combined market capitalization of stablecoins is approaching roughly $310 billion, underscoring the scale of digital dollar-linked instruments circulating across crypto markets and payment ecosystems.

Barclays’ internal exploration follows its earlier move into stablecoin infrastructure through an investment in U.S.-based settlement firm Ubyx Inc., marking the bank’s first investment in a stablecoin-related company. Ubyx launched in 2025 and is building a clearing system designed to reconcile regulated stablecoins and tokenized deposits issued by different entities, enabling a common settlement layer for digital money.

No financial terms of the Ubyx investment were disclosed. Barclays confirmed the transaction as its first direct stake in a company operating in the stablecoin settlement space. Corporate communications tied to the deal stated that the bank aims to advance interoperability and digital money connectivity. Leadership commentary from associated reporting described interoperability as essential to unlock the full potential of digital assets and noted that specialist technology would be “pivotal” in enabling regulated banks to interact across token and wallet ecosystems.

Barclays has also participated in broader industry coalitions examining potential joint stablecoin issuance pegged to G7 currencies, according to reporting tied to the investment disclosures. The bank declined to comment publicly on the latest blockchain platform discussions when approached by journalists.

Industry reporting situates Barclays’ outreach alongside earlier blockchain experiments by U.S. banking peers, including JPMorgan Chase, as well as growing activity from fintech firms such as Stripe and Revolut exploring stablecoin-related products. Separate coverage described Barclays’ efforts as an “infrastructure play” rather than a speculative crypto strategy.

The bank’s vendor consultations are occurring as regulatory frameworks for stablecoins continue to evolve across major jurisdictions, including implementation of the European Union’s Markets in Crypto-Assets regulation and legislative developments in the United States affecting digital asset oversight. Reports indicated that banks are reassessing digital settlement infrastructure as competitive and compliance landscapes shift.

Barclays’ request for information and partner search reflect a structured evaluation of blockchain applications within its payments and deposit architecture, according to people familiar with the discussions. No formal launch timeline for a blockchain-based platform has been publicly announced beyond the potential vendor selection window referenced for April 2026.

This article has been refined and enhanced by ChatGPT.