UK banking giant Barclays is reportedly seeking technology providers for a blockchain platform to handle payments, deposits, and crypto-related applications like stablecoins. The move aligns with the bank’s recent digital asset investments and reflects a broader trend of major financial institutions exploring tokenized infrastructure to modernize legacy systems and address competitive shifts in payment flows.
Barclays PLC is exploring blockchain technology for core banking services, including payments and deposits. The bank has issued requests for information to technology suppliers and could select a vendor as early as April.
The platform would also support crypto-related applications such as stablecoins and tokenized deposits. This initiative follows Barclays’ recent investment in Ubyx, a US-based stablecoin clearing platform.
Bloomberg reported the bank’s exploration, framing it within a broader institutional push toward stablecoins and tokenized payment systems. These technologies enable faster, lower-cost settlement compared to traditional payment rails.
For traditional lenders like Barclays, stablecoins present both an opportunity and a competitive risk. Widespread adoption of privately issued digital dollars could weaken banks’ control over deposits and payment flows, which are central to their business model.
The debate is particularly relevant in the United States, where lawmakers are weighing stablecoin legislation. Separate reports have also suggested Barclays may play a role in a potential initial public offering by crypto hardware company Ledger, though this involvement remains unconfirmed.
