Barclays has taken an equity stake in U.S.-based stablecoin settlement firm Ubyx, marking the bank’s first direct investment in a company tied to stablecoin infrastructure. The bank did not disclose the size or structure of the deal, but told Reuters the move is part of a broader effort to explore “new forms of digital money.”
Ubyx is building clearing and settlement rails for stablecoins
Founded early last year, Ubyx describes itself as a global clearing and settlement system for stablecoins. Its platform is designed to connect token issuers with banks and fintech firms rather than target speculative crypto trading. The company says it enables “universal redemption,” allowing individuals and businesses to deposit stablecoins from multiple issuers and blockchains directly into existing bank or fintech accounts.
That model puts the focus on payment and settlement infrastructure. It also aligns with the part of the digital asset market that large financial institutions have shown the most willingness to examine: regulated forms of blockchain-based money that can connect with existing financial rails.
Ubyx disclosed a $10 million seed round in June 2025, led by Galaxy Ventures. Coinbase Ventures, Founders Fund, and Paxos were among the participating investors. Barclays’ entry adds a major international bank to a cap table that already includes prominent crypto and fintech backers.
Barclays is keeping its digital money efforts inside regulatory boundaries
As part of the investment, Barclays and Ubyx will work on developing “tokenised money within the regulatory perimeter,” according to the report. That phrasing reflects Barclays’ broader approach to the sector. The bank has shown interest in blockchain for years, but it has generally kept that work tied to regulated financial infrastructure instead of retail crypto activity.
Its blockchain efforts go back to 2018, when Barclays filed several patents related to blockchain-based solutions and partnered with Coinbase in the same year. Since then, it has continued to explore distributed ledger technology through internal projects and strategic investments, including exposure to firms such as Fnality, which is building a network for decentralized financial market infrastructure.
Stablecoins fit a wider push toward tokenized settlement
Barclays was also one of 11 financial institutions involved in a joint effort to pilot tokenized deposits in the U.K. through the UK Regulated Liability Network. That initiative is intended to improve payment systems using a shared ledger. Last year, the bank also joined Goldman Sachs, UBS, and other large institutions in studying the potential joint issuance of a stablecoin linked to G7 currencies.
At the same time, Barclays has kept its distance from speculative parts of the crypto market. Since June 2025, it has blocked crypto purchases made with its credit cards. The contrast is sharp: the bank is restricting retail access to crypto through one channel while expanding its involvement in stablecoin and tokenized money infrastructure through another.
The report notes that institutional interest in blockchain-based financial infrastructure picked up after support from U.S. President Donald Trump helped revive attention around the sector. Through 2025, a number of major financial institutions announced stablecoin-related plans as part of a broader shift toward blockchain-enabled settlement systems. Barclays’ investment in Ubyx fits squarely within that pattern.