**Barclays** is looking for technology providers to build a blockchain platform for payments, deposits, stablecoins, and tokenized deposits, according to a Bloomberg report released on Friday.
The bank has sent information requests to several anonymous technology providers, and according to insiders familiar with the situation, a partner could be selected as early as April.
This review comes after Barclays invested in Ubyx, a U.S.-based tokenized deposit and regulated stablecoin settlement platform, in January.
The transaction was disclosed on Barclays' own press release page and is considered the bank's first investment related to stablecoins, viewed as an initial signal that institutions are moving from a wait-and-see phase to an infrastructure-building phase.
Details under review by Barclays
No specific blockchain or technology partners have been designated yet. According to reports, the scope includes payment processing, deposit management, stablecoin functionality, and tokenized deposit infrastructure.
If this platform is built, it will directly compete with JPMorgan, which is already operating a tokenized deposit infrastructure through JPM Coin. JPM Coin has expanded to the Canton Network after being launched on the Ethereum (ETH) Layer 2 network Base at the end of 2025.
In October 2025, Barclays also joined a bank-led consortium exploring collateralized digital currencies on public blockchains.
At this stage, the initiative remains exploratory in nature. No products have been announced, no launch schedule has been disclosed, and no suppliers have been selected. Barclays has not made any public comments regarding the Bloomberg report.
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Background of Competitive Pressure
The institutional stablecoin environment has changed significantly in recent months. Meta is reportedly re-evaluating its blockchain-based payment infrastructure years after abandoning the Diem project. Stripe is also said to be pushing for stablecoin functionality.
Citi announced that it will launch direct Bitcoin custody for institutional clients. In this situation, European banks are finding that their time to act is rapidly diminishing before a payment infrastructure built on blockchain rails becomes a competitive baseline rather than an innovation advantage.
The strategic tension faced by traditional lending institutions is clear. Stablecoins and tokenized deposits can process transactions faster and 24/7, potentially reducing reliance on the correspondent banking network.
However, if privately issued digital dollars are widely adopted, liquidity may shift out of traditional bank deposit structures, potentially pressuring one of the core business model pillars of institutions like Barclays.
How Barclays designs the platform, whether to create its own issued products or play a role in clearing third-party tokens, will determine where the bank stands amid this structural change.
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