Following JPMorgan, Barclays Bank evaluates crypto payment strategies: Stablecoins may become the new infrastructure for TradFi

On February 27, 2026, a Bloomberg report sent shockwaves through the crypto and traditional finance industries: UK banking giant Barclays is seriously evaluating entering the crypto payments space. This news is not an isolated event but a latest sign of traditional finance (TradFi) fully embracing the blockchain wave. While the market still discusses cryptocurrency volatility, one of the world’s leading clearinghouses has begun soliciting quotes from technology providers to build a blockchain-based payments and deposit platform. This move is not just a strategic adjustment for a single company but could signal a paradigm shift in global financial infrastructure. This article will analyze this event in depth, restore factual details, examine industry logic behind it, and explore possible future paths.

Event Overview: Major Bank’s Technical Inquiry

According to Bloomberg, Barclays, headquartered in the UK, has sent Requests for Information (RFIs) to multiple potential technology vendors to evaluate how to build a distributed ledger technology (DLT)-based banking platform. The core functions of this platform will handle payment processes, focusing specifically on two areas: stablecoin payments and tokenized deposits. Sources reveal that Barclays aims to finalize its technology partner by April 2026 at the latest. This indicates that Barclays is no longer content with just observing or running small pilots but is preparing to systematically integrate blockchain technology into its core operations.

From Exit to Re-entry: Strategic Shift

Barclays’ attitude toward crypto has undergone a notable “U-shaped” reversal. Understanding this history helps clarify the significance of this decision.

• Early Exploration (2016–2018): Barclays was an early blockchain explorer. In 2016, it joined the R3 consortium to research distributed ledger applications in finance. By 2018, it had even provided services to emerging crypto firms like Coinbase, showing an open attitude toward the nascent industry.
• Strategic Contraction (2019–2024): However, as the crypto market entered a prolonged bear phase and regulatory uncertainties increased, Barclays terminated its cooperation with crypto exchanges in 2019, adopting a more conservative stance.
• Re-entry (2025–present): Starting in 2025, Barclays’ attitude shifted fundamentally. That fall, it was disclosed as one of the leading international banks exploring joint issuance of stablecoins. Early 2026, the bank invested in Ubyx, a startup focused on compliant stablecoin settlement infrastructure for regulated financial institutions. Ryan Hayward, head of Barclays Digital Assets, publicly stated, “Technical expertise will play a key role in providing connectivity and infrastructure, enabling regulated financial institutions to interact seamlessly.” The inquiry to tech vendors is a continuation and implementation of this strategic layout.

Why Is TradFi Entering Now?

Barclays’ move is not accidental but driven by traditional financial institutions’ anxiety over the explosive growth of the stablecoin market and the race to capture it.

• Market Size Forecast: Bloomberg Intelligence estimates that by 2030, annual stablecoin payment transactions could exceed $50 trillion. This potential market could disrupt existing card and cross-border remittance businesses.
• Competitive Pressure: Barclays is not the first major bank to act. JPMorgan is already ahead, having launched JPMD, a tokenized deposit on Coinbase’s Ethereum scaling network Base, and expanded it to the Canton network this year, allowing institutional clients to pay with digital representations of deposits. HSBC plans to extend tokenized deposit services to corporate clients in the US and UAE in early 2026. Bank of America has tested its own stablecoin on the Stellar network, and Citigroup has expressed strong interest.
• Structural Advantages: For banks, stablecoins and tokenized deposits are not just “crypto games” but upgrades to payment infrastructure. They enable near-instant clearing, 24/7 operation, and can greatly simplify cross-border transfers and complex trade settlements through programmability—addressing efficiency issues in traditional finance during holidays and across time zones.

Market Sentiment Analysis

Regarding Barclays’ move, market opinions mainly fall into the following perspectives:

Veracity of the Narrative

• Facts (Confirmed/Disclosed)
  • Bloomberg reports that Barclays has issued RFIs to tech vendors.
  • Barclays confirmed investment in stablecoin settlement firm Ubyx.
  • Ryan Hayward publicly commented on Barclays Digital Assets’ plans.
  • Barclays aims to select vendors by April.
  • Competitors like JPMorgan and HSBC have concrete products in deployment.
• Interpretations (How facts are understood)
  • “Barclays is actively pushing crypto payments”: an accurate summary, though the scale and speed are still uncertain.
  • “This is a response to stablecoin threats”: a common industry view based on business logic, not an official statement.
• Speculations (Unknown future developments)
  • Whether Barclays will select a vendor by April and which one.
  • The specific product form, launch timeline, and business scale of its tokenization platform.
  • The actual revenue contribution from this business.

Industry Impact Analysis

Barclays’ potential entry will have profound effects at three levels:

• On TradFi’s “Catfish Effect”: Barclays’ move will further dispel doubts among other large banks about compliance and technological readiness. If the UK’s major clearinghouse successfully runs a blockchain-based payment system, it will set a strong example, prompting HSBC, Standard Chartered, Santander, and others in Europe to accelerate their own deployments, sparking a new “tokenization arms race.”
• On the Crypto Industry’s “Layering Effect”: Bank involvement will accelerate industry specialization. On one side, providers of compliant, high-performance institutional infrastructure (like Ubyx) will thrive. On the other, a clearer segmentation will emerge between “compliant stablecoins” and “permissionless DeFi stablecoins,” serving different scenarios.
• On Regulatory Frameworks’ “Forcing Effect”: Deep bank participation will push for clearer stablecoin regulations worldwide. When systemic institutions like Barclays submit formal business applications, regulators such as the UK FCA and PRA will be compelled to provide more concrete, operational compliance pathways, ending regulatory uncertainty.

Multi-Scenario Evolution

Based on current facts, three possible future trajectories can be envisioned:

Scenario 1: Steady “New Payment Network”

Barclays completes vendor selection by April and launches a pilot by late 2026, mainly offering cross-border stablecoin settlement for large corporate clients. Competing directly with JPMorgan’s JPMD, it could establish a bank-to-bank tokenized payment network, creating an ecosystem faster than SWIFT.

Scenario 2: Regulatory Hurdles and Delays

Despite technical progress, prolonged discussions with regulators lead to stricter capital requirements for crypto assets. Barclays may scale back or delay the project indefinitely, using it only for internal testing, weakening short-term industry impact.

Scenario 3: Ecosystem Integration and Expansion

Barclays not only launches payments but issues its own “Barclays Stablecoin,” integrating it into retail banking apps for peer-to-peer and cross-border payments. It opens APIs for fintech developers, transforming into a regulated “blockchain-as-a-service” platform, fundamentally reshaping retail banking.

Conclusion

Barclays’ consideration of crypto payments is not just a technical test but a key shift for traditional finance in the digital age. It signals that blockchain tech, especially stablecoins and tokenized deposits, has moved from fringe “wild growth” to a core engine of the global financial system. Regardless of April’s outcome, this move sends a clear message: future banks will be built on blockchain. For the crypto industry, the biggest benefit may no longer be short-term price swings but the opening of a door to a multi-trillion-dollar traditional market that is slowly being pushed open.