Overview
- Barclays is evaluating proposals for a blockchain-based payments and deposits platform that could include stablecoin support and tokenized deposits, according to people familiar with the review.
- The exploratory work follows Barclays’ January investment in Ubyx, a U.S. firm developing clearing for tokenized deposits and regulated stablecoins, with the bank emphasizing interoperability.
- The lender has engaged in multibank tokenized deposit efforts such as the UK’s GBTD and has participated in CBDC and settlement forums, pointing to a cross-bank connectivity focus.
- Industry peers including JPMorgan and HSBC have deployed tokenized deposit solutions, providing operational precedents for Barclays’ assessment.
- Recent coverage ties the bank’s interest to growing stablecoin volumes and evolving regulation such as the U.S. GENIUS Act, which have spurred traditional institutions to test on-chain rails.