The famous British international bank Barclays Plc is exploring the development of a blockchain platform to support payments, indicating a deep push by traditional lenders to digital asset technology. Notably, the move puts Barclays alongside global rivals racing to modernize payment infrastructure amid the growing adoption of blockchain products, particularly stablecoins.
Barclays Mulls Blockchain Payments Infrastructure
According to a report by Bloomberg on Friday, Barclays Plc is exploring the creation of a blockchain payment platform capable of supporting payments and settlement services, according to people familiar with the matter. The banking giant has sent out requests for information (RFIs) to potential technology partners as part of its evaluation process and aims to select suppliers by early April.
Barclays is exploring new offerings, and potential use cases in the blockchain space reportedly include stablecoin-based payments and deposit tokens. Notably, the move brings Barclays into line with peers who have already introduced similar plans.
Last year, JPMorgan Chase & Co. launched a block-based deposit token, JPM Coin, to serve institutional customers, enabling fast internal transfers and cross-border payments. Meanwhile, BNP Paribas, Bank of America, and Citigroup, along with six other banks, have teamed up to launch a mutually-backed stablecoin.
In January 2026, Barclays announced a strategic investment in Ubyx on January 7, 2026, marking its first direct stake in a US stablecoin-based company to develop a regulated, tokenized currency. With the aim of launching a blockchain payment platform, the UK bank is looking to develop its interest in digital asset ecosystems.
Stablecoins To Gain Momentum From Standard Payments
Without a doubt, stablecoins remain one of the most attractive blockchain products for traditional banks. These digital tokens, often denominated in currencies such as the US dollar, are increasingly seen as a disruptive force in global payments.
In July 2025, US President Donald Trump approved the GENIUS Act, thereby creating a regulatory framework that will encourage institutional participation in stablecoin operations, among other benefits.
According to Bloomberg Intelligence, stablecoins could be worth more than $50 trillion in annual payments by 2030 if current adoption continues at pace. Meanwhile, US Treasury Secretary Scott Bessent predicts a total stablecoin market of $2 trillion by 2028 and $3 trillion by 2030.
At the time of publication, the stablecoin market is estimated at $315 billion based on data from CoinMarketCap. Tether’s USDT makes up 60% of this figure with a market value of $187 billion, followed by Circle’s USDC.
Featured image from Reuters, chart from Tradingview
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