Barclays has taken its first equity stake in a stablecoin-related company, buying into US-based Ubyx as the British lender steps up work on what it calls “new forms of digital money”.
Ubyx, launched in 2025, sells itself as a clearing layer for stablecoins, the tokens pegged one for one to fiat currencies. The pitch is straightforward, make stablecoins easier to settle and redeem across issuers, so a token from one brand does not get treated like a different kind of money from another.
The deal lands as markets keep rewarding the idea that tokenization is moving from pilot projects to production, especially in payments. For Barclays, the Ubyx stake also fits a broader industry pattern, big banks want exposure to stablecoin rails without stepping outside compliance lines.
A bank spokesperson added, “This investment aligns with Barclays’ approach to explore opportunities based on new forms of digital money, such as stablecoins.” Barclays did not disclose the size of the stake or Ubyx’s valuation.
Stablecoins already sit at the centre of crypto market liquidity, even if most usage still happens inside trading venues rather than at shop checkouts. Tether remains the largest issuer, with about $187B of tokens in circulation, a reminder of how quickly privately issued dollars have scaled once crypto users found product-market fit.
In October, Barclays joined a group of 10 banks exploring the issuance of a 1 to 1 reserve-backed form of digital money tied to G7 currencies, another signal that lenders want a seat at the table if stablecoins become standard settlement plumbing.
