Barclays is reportedly exploring blockchain technology to support core banking functions, including payments and deposits. The UK lender has issued requests for information to multiple technology providers for a platform capable of handling tokenized deposits, stablecoins, and crypto-related applications. A vendor decision could come as early as April, signaling an active evaluation phase rather than a long-term exploratory review.
The reported initiative aligns with Barclays’ recent digital asset activity. The bank previously invested in Ubyx, a US-based stablecoin clearing platform, marking its first direct exposure to stablecoin infrastructure. The move places Barclays among a growing list of global financial institutions assessing blockchain-based settlement systems as stablecoin market capitalization approaches $310 billion.
The development reflects broader competitive pressures across banking and technology sectors. Stablecoins enable near-instant, lower-cost settlement compared with traditional payment rails, prompting both banks and large technology firms to reassess legacy infrastructure. For lenders, blockchain adoption presents operational efficiencies but also raises strategic considerations, as widespread stablecoin use could alter deposit flows and payment economics within the regulated financial system.
