Barclays recently invested in Ubyx, a US-based stablecoin clearing platform.
Barclays has started exploring blockchain technology for core banking services, according to a Bloomberg report. The bank has approached technology providers about building a platform for payments and deposits. Sources said Barclays could select a vendor as early as April, marking a clear step toward digital ledger integration.
Bloomberg cited people familiar with the matter who confirmed the internal review. The report said Barclays issued requests for information to several technology suppliers. However, the bank has not disclosed the names of those companies.
The proposed platform would support payments and deposits on blockchain infrastructure. It would also handle crypto-related services, including stablecoins and tokenized deposits. Therefore, Barclays aims to assess whether distributed ledgers can support core banking functions.
Sources told Bloomberg that the bank continues to evaluate technical and regulatory requirements. They said vendor selection may occur by April if reviews proceed on schedule. However, Barclays has not publicly confirmed the timeline or scope.
The report linked this initiative to recent digital asset activity by the lender. Last month, Barclays invested in Ubyx, a US-based stablecoin clearing platform.
Banks and technology firms continue to test stablecoins for faster settlements. Stablecoins allow round-the-clock transactions and lower processing costs compared to traditional systems. Therefore, institutions have increased efforts to assess tokenized payment models.
Bloomberg placed Barclays’ review within this broader industry activity. The report said banks are studying tokenized deposits and onchain payment systems. These tools could streamline cross-border transfers and reduce reliance on intermediaries.
Separate reports have suggested that Barclays may assist a potential initial public offering by Ledger. However, neither Barclays nor Ledger has confirmed that involvement. Ledger operates as a crypto hardware wallet provider serving digital asset users.
Interest in stablecoins has also expanded beyond traditional lenders. Meta Platforms is revisiting stablecoin plans years after shelving its Diem project. Bloomberg reported that Meta has renewed internal discussions about blockchain-based payments.
Lawmakers in the United States continue to debate stablecoin legislation. Policymakers are discussing market structure and rules for issuers. Some proposals address whether issuers may offer rewards to stablecoin holders.
