Banking heavyweight Barclays is weighing a deeper move into digital assets, exploring crypto-based payments and deposit products built on blockchain technology, according to a report attributed to Bloomberg.
People said to be familiar with the bank’s plans told reporters that Barclays has begun collecting detailed information from technology providers as it evaluates how best to build out a blockchain strategy. The conversations reportedly focus on infrastructure that would allow the bank to support products such as tokenized deposits and potentially its own stablecoin.
This marks a notable shift for the publicly listed institution, which trades under the ticker BCS, and has historically taken a cautious stance on cryptocurrencies. Rather than jumping straight into speculative trading or retail crypto offerings, Barclays appears to be concentrating on regulated, bank-grade applications of blockchain that fit within existing financial rules and supervisory frameworks.
According to the report, one of the core ideas under review is tokenized deposits-traditional bank deposits represented as digital tokens recorded on a blockchain. In practice, this could allow customers to hold claims on the bank in a programmable, always-on format, enabling near-instant settlement of payments, easier cross-border transfers, and automated financial workflows through smart contracts.
Stablecoins are also understood to be on the table, particularly those structured and backed in a way that aligns with regulatory expectations in major financial centers. A bank-issued or bank-supported stablecoin could be used for wholesale settlement between financial institutions, as well as for corporate treasury operations seeking faster, cheaper payment rails than legacy systems.
Barclays has already given hints that it sees commercial potential in this area. The London-based group recently invested in Ubyx, a startup focused on stablecoin-based settlement solutions. That investment followed reports last autumn that Barclays was among a cluster of major global banks examining the joint issuance of a stablecoin, signaling coordination rather than isolated experimentation.
At the time, Ryan Hayward, Barclays’ Head of Digital Assets, underscored the strategic importance of purpose-built infrastructure for regulated players. He argued that “specialist technology will play a pivotal role in delivering connectivity and infrastructure to enable regulated financial institutions to interact seamlessly,” highlighting that the bank views digital assets not as a standalone niche but as a layer that can integrate with existing financial plumbing.
If Barclays proceeds, its move would slot into a broader trend: large, systemically important banks quietly building blockchain capabilities behind the scenes, even during periods when crypto markets themselves are volatile. While headlines often focus on retail speculation, the institutional story is increasingly about settlement speed, operational efficiency, liquidity management, and regulatory-compliant digital money.
For Barclays, the potential business case is multi-layered. Tokenized deposits could reduce back-office costs by cutting reconciliation times, streamline internal transfers between entities and branches, and open up new services for corporate clients, such as programmable cash management and real-time cross-border payroll. For high-volume payment users, shaving even a small fraction off transaction costs at scale could be commercially meaningful.
A bank-linked stablecoin or similar settlement token could also improve liquidity flows between Barclays and other financial institutions. Instead of relying solely on traditional correspondent banking networks and batch settlement systems, banks could move value in near real time, 24/7, lowering counterparty risk windows and easing pressure on intraday credit lines. This kind of infrastructure is particularly attractive for markets and trading desks that need rapid collateral movement.
From a regulatory perspective, a cautious, infrastructure-first strategy allows Barclays to stay aligned with emerging rules around stablecoins and tokenized assets. Authorities in multiple jurisdictions are drafting or refining frameworks that distinguish between unbacked crypto assets, algorithmic stablecoins, and fully reserved, fiat-referenced digital tokens issued by supervised entities. A global bank that moves early-but within the rules-can help shape standards while avoiding the reputational and legal pitfalls that have plagued less regulated actors.
Customer demand is another factor. Large corporates and institutional investors have grown increasingly interested in on-chain settlement, not for speculative gains but to improve operational efficiency, auditability, and transparency. As more assets-such as securities, funds, and even real-world contracts-become tokenized, there is a need for trusted, regulated counterparties to provide the digital cash leg of those transactions. Barclays, with its existing client base and global footprint, is well-positioned to fill that role if it commits to the technology.
Still, the path forward is far from straightforward. Barclays will need to address questions around interoperability between different blockchains, cybersecurity, data privacy, and integration with legacy core banking systems. It must also make strategic choices about whether to build proprietary technology, partner with established blockchain firms, or rely on white-label solutions from specialist vendors. Each route carries trade-offs in terms of control, speed to market, and regulatory exposure.
Another key consideration is geography. As a U.K.-based institution with international operations, Barclays must navigate differing regulatory approaches to digital assets across regions. The bank may opt to pilot blockchain-based services in jurisdictions with clearer rules for tokenized money and then gradually expand, using early projects to develop internal expertise and supervisory comfort.
Internally, a push of this kind also requires upskilling and cultural change. Offering tokenized deposits or stablecoin services is not simply a matter of adding another product; it demands new risk frameworks, updated compliance controls, enhanced cybersecurity practices, and closer coordination between technology, legal, treasury, and business teams. Institutions that succeed in digital asset initiatives typically embed specialist talent across the organization rather than keeping it siloed.
The competitive landscape is another driver. Several major banks are experimenting with private settlement networks, tokenized cash solutions, and blockchain-based trade finance platforms. While most of these projects are still in early or pilot stages, they set new expectations for settlement speed and availability. If such systems gain traction, laggards could find themselves at a disadvantage when corporates and financial counterparties begin to favor partners that can operate on next-generation rails.
For the broader crypto and fintech ecosystem, Barclays’ exploration is a signal that digital assets are steadily moving from the periphery toward the core of traditional finance. Bank interest in tokenized deposits and stablecoins does not necessarily validate speculative cryptocurrencies, but it does validate the underlying infrastructure and its potential to change how money moves.
Ultimately, whether Barclays launches a live product in the near term or remains in an exploratory phase, the direction of travel is clear: large, regulated financial institutions are preparing for a world in which digital representations of money and assets coexist with, and increasingly complement, conventional banking products. Barclays’ ongoing information-gathering and strategic investments suggest it intends not to be left watching from the sidelines.