U.K.’s banking giant Barclays is exploring the use of blockchain infrastructure to handle payments and deposits, as financial institutions and tech companies increasingly implement stablecoin solutions.
Barclays, one of the largest U.K. banks and global financial conglomerates with operations in Europe, the U.S., and Asia, plans to develop a platform based on distributed ledger technology (DLT) capable of supporting payment operations, deposit products, and services related to digital assets, including stablecoins and tokenized assets.
According to Bloomberg, the bank is in talks with potential technology partners, sending requests for information (RFI) to several companies developing blockchain solutions. Sources within the bank indicate that a final vendor selection could be made in April.
The initiative reflects the major U.K. lender’s goal of modernizing its legacy banking infrastructure by adopting digital solutions. Barclays previously expanded its presence in the digital asset market by investing in the U.S.-based clearing platform Ubyx, which specializes in stablecoin settlements.
Bloomberg sources say the move is largely driven by the growing adoption of stablecoins in the global financial system. As of March 2, 2026, the total market capitalization of stablecoins exceeds $311 billion, according to CoinGecko.
Major banks and tech corporations view stablecoins as a tool for 24/7 payments and cross-border transfers with lower costs compared to traditional payment channels. For example, Fidelity plans to launch its own stablecoin, payment provider Payoneer is integrating services for stablecoin transactions, and Apex Group is exploring the use of stablecoins in tokenized fund operations. Meanwhile, the U.K. financial regulator is testing stablecoin use in its regulatory sandbox.
