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Barclays has taken its first direct step into the stablecoin ecosystem, investing in US-based clearing and settlement platform Ubyx.
Barclays makes strategic stablecoin move
While the bank has not disclosed the size of the investment, the move is significant: it marks a clear shift from cautious observation to active participation in the emerging infrastructure underpinning tokenised money.
The investment comes as large financial institutions reassess the role of blockchain-based settlement amid improving regulatory clarity and renewed interest in digital assets.
For Barclays, a systemically important global bank, backing a stablecoin-focused infrastructure provider represents both a strategic hedge and a signal of intent.
Ubyx and the problem of stablecoin fragmentation
Founded in March 2025 by payments veteran Tony McLaughlin, Ubyx positions itself as a neutral clearing layer designed to reconcile stablecoins issued by different regulated entities.
McLaughlin, formerly a senior payments executive at Citi, has argued that the proliferation of issuer-specific tokens risks recreating the fragmentation that has long plagued cross-border payments.
Ubyx’s platform aims to address this by connecting regulated stablecoin issuers with banks, fintechs and payment firms, enabling par-value redemption and interoperability across wallets and blockchains.
Its ambition is to create a global acceptance network for regulated digital money, spanning both tokenised bank deposits and fiat-backed stablecoins.
The company raised $10mn in seed funding in June 2025, with backing from the venture arms of Coinbase and Galaxy Digital, underlining growing institutional appetite for settlement-layer innovation rather than speculative crypto assets.
A notable shift in Barclays’ crypto posture
Barclays’ investment stands in contrast to its historically conservative stance on crypto-related activity.
As recently as June 2025, the bank moved to block cryptocurrency purchases on Barclaycard credit cards, citing concerns around volatility and consumer protection.
Yet the bank has consistently distinguished between speculative crypto trading and regulated forms of digital money.
Ryan Hayward, Barclays’ head of digital assets and strategic investments, said the bank and Ubyx were committed to developing tokenised money “within the regulatory perimeter”, emphasising the importance of interoperability and specialist infrastructure as tokenised finance scales.
Regulation, momentum and the road ahead
The timing of the investment is notable. Regulators in several major jurisdictions are advancing frameworks for stablecoins, including the UK, where the Bank of England published proposals in November for the regulation of systemic sterling-denominated stablecoins.
Barclays has also joined nine other global banks — including Goldman Sachs and UBS — in exploring the possibility of a jointly issued stablecoin pegged to G7 currencies.
Together, these initiatives suggest that stablecoins are moving steadily from the periphery of crypto markets towards the core plumbing of mainstream finance.
Barclays’ backing of Ubyx reflects a growing consensus: while the form of digital money may be evolving, banks intend to remain firmly inside the settlement loop.
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