Barclays is soliciting technology vendors to build a blockchain platform for payments, deposits, stablecoins, and tokenized deposits, according to a Bloomberg report published Friday.
The bank has sent requests for information to several unnamed technology providers and could select a partner as early as April, per people familiar with the matter.
The exploration follows Barclays' January investment in Ubyx, a U.S.-based clearing platform for tokenized deposits and regulated stablecoins.
That deal, disclosed on Barclays' own press page, was the bank's first stablecoin-related investment and gave an early indication that the institution was moving from observation to infrastructure commitment.
What Barclays Is Evaluating
No specific blockchain has been identified, and no technology partner has been named. The scope as reported includes payments processing, deposit management, stablecoin capabilities, and tokenized deposit infrastructure.
If built, it would put Barclays in more direct competition with JPMorgan, which already operates tokenized deposit infrastructure via JPM Coin - launched on Ethereum (ETH) layer-2 network Base in late 2025 and since expanded to the Canton Network.
In October 2025, Barclays separately joined a bank-led consortium exploring reserve-backed digital currency on public blockchains.
At this stage, the initiative remains exploratory. No product has been announced, no launch date disclosed, and no vendor selected. Barclays has not commented publicly on the Bloomberg report.
Read also: Citi Is Launching Direct Bitcoin Custody for Its $30 Trillion Institutional Client Base
The Competitive Pressure Driving It
The institutional stablecoin landscape has shifted materially in recent months. Meta is reportedly revisiting blockchain-based payment infrastructure years after abandoning its Diem project. Stripe is reported to be pursuing stablecoin capabilities.
Citi announced it will launch direct Bitcoin custody for institutional clients later in 2026. Against that backdrop, European banks face a narrowing window before payments infrastructure built on blockchain rails becomes a competitive baseline rather than an innovation edge.
The strategic tension for traditional lenders is real: stablecoins and tokenized deposits can process transactions faster and around the clock, reducing reliance on correspondent banking.
But widespread adoption of privately issued digital dollars also concentrates liquidity outside traditional bank deposit structures - compressing one of the core business model pillars that institutions like Barclays depend on.
How the bank structures its platform, and whether it issues its own instrument or clears third-party tokens, will determine which side of that trade it ends up on.
Read next: Governments And Private Equity Bought Bitcoin In Q4 While Advisors And Hedge Funds Sold
