Banking giant Barclays explores blockchain platform for payments and tokenized deposits

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 encompass both stablecoin integration and tokenized deposit capabilities.

Barclays has shifted from a cautious approach to active infrastructure investment to keep pace with industry peers like 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-pegged assets to improve the speed and cost of cross-border settlements.

Last month, Barclays announced a strategic investment in Ubyx, a US company providing a global clearing system for tokenized deposits and regulated stablecoins.

The collaboration will focus on interoperability, enabling banks and other regulated institutions to offer digital wallets alongside traditional accounts.

“Interoperability is essential to unlock the full potential of digital assets. As the landscape of tokens, blockchains and wallets evolves, specialist technology will play a pivotal role in delivering connectivity and infrastructure to enable regulated financial institutions to interact seamlessly,” said Ryan Hayward, Head of Digital Assets and Strategic Investments at Barclays, in a January statement.

Barclays’ blockchain initiative reflects a trend among global banks to adopt blockchain. Although still in early stages, the pace of exploration has quickened as stablecoin transaction volumes expand.

Stablecoins such as USDT and USDC are growing in global payments, with estimates suggesting they could process over $50 trillion annually by 2030.

Regulatory developments have accelerated institutional interest. The US GENIUS Act, recently enacted legislation establishing a framework for dollar-backed tokens, has prompted major financial institutions to revisit their digital asset strategies.