Prominent British multinational bank Barclays Plc is exploring the development of a blockchain platform to support payments, signaling a deeper push by traditional finance lenders into digital-asset technology. Notably, the move places Barclays alongside global rivals that are racing to modernize payment infrastructure amid rising adoption of blockchain products, especially stablecoin.

According to a Friday report by Bloomberg, Barclays Plc is assessing 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 prospective technology partners as part of its evaluation process and is aiming to select providers as early as April.

Barclays is exploring new offerings, and the potential use cases for the blockchain platform reportedly include stablecoin-based payments and tokenized deposits. Notably, this move aligns Barclays with peers that have already launched similar initiatives.

Last year, JPMorgan Chase & Co. launched its blockchain-based deposit token, JPM Coin, to serve institutional clients, enabling faster internal transfers and cross-border payments. Meanwhile, BNP Paribas, Bank of America, and Citigroup, alongside six other banks, have united to launch a jointly backed stablecoin. 

In January 2026, Barclays announced a strategic investment in Ubyx on January 7, 2026, marking its first direct stake in a US-based stablecoin settlement firm to develop regulated, tokenized money. With intentions to launch a blockchain payment platform, the UK bank looks to advance its interest in the digital asset ecosystems.

Without a doubt, stablecoins remain one of the most attractive blockchain products to traditional banks. These digital tokens, typically pegged to fiat currencies like the US dollar, are increasingly seen as a disruptive force in global payment.

In July 2025, US President Donald Trump assented to the GENIUS Act, thereby creating a regulatory framework that would encourage institutional participation in the stablecoin operations, among other benefits. 

According to Bloomberg Intelligence, stablecoins could account for more than $50 trillion in annual payments by 2030 if present adoption continues to accelerate. Meanwhile, the US Treasury Secretary Scott Bessent is predicting a total stablecoin market cap of $2 trillion by 2028 and $3 trillion by 2030.

At press time, the stablecoin market cap is valued at $315 billion based on data from CoinMarketCap. Tether’s USDT accounts for 60% of these figures with a market cap of $187 billion, followed by Circle’s USDC.

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