- Barclays is considering blockchain suppliers of stablecoin and tokenized deposit payments, which should be selected by April 2026.
- In early 2026, USDT and USDC market cap had recovered 160 percent of the 2023-2023 lows of post-LUNA and reached over 260B.
- By the year 2030, the Bloomberg Intelligence estimates that stablecoins will be able to handle more than 50 trillion in yearly payments around the world.
The stablecoin market has broken through a combined market cap of over $260 billion. This has forced global banks to accelerate their investment in blockchain technology. Barclays is currently assessing a blockchain platform for payments and deposits, as reported by Bloomberg.
The UK-based bank has already sent a request for information to technology providers. This could happen as early as April. This is a sign of the industry reacting to the growth of stablecoins in financial markets.
Stablecoin Market Reaches New Heights After Recovery
At the start of 2022, USDT and USDC had a combined market cap of approximately $130 billion.
However, that market cap took a dramatic tumble following the collapse of the Terra/Luna ecosystem in 2022, which destroyed investor confidence in crypto, causing a major drop in the market cap of both coins.
Following this event, both coins continued to lose value until the end of 2023 when institutional traders entered back into the market and regulation began to be clarified around this industry.
Stablecoins Hit $260B Source: BloombergBy the beginning of 2026, the combined market cap of USDT and USDC was over $260 billion. This represents almost a 160% increase from their lows at the end of 2023. The pace of growth has become almost vertical entering 2025 and beyond.
Bloomberg Intelligence estimates stablecoins could process over $50 trillion in payments annually by 2030.
That projection is no longer treated as speculative by major financial institutions. Banks are now treating stablecoins as serious financial infrastructure rather than mere trading instruments.
Barclays Moves to Compete in Blockchain Payments
As Bloomberg analyst Walter reported that Barclays is evaluating blockchain technology that could include stablecoins and tokenized deposits, with provider selection possible by April.
Barclays’ initiative could include stablecoin integration and tokenized deposit capabilities for its payment services.
Tokenized deposits are on-chain representations of funds clients hold in traditional bank accounts. They allow for round-the-clock settlement and faster payment processing across borders.
The bank has shifted from a cautious approach to active infrastructure investment in recent months.
In October 2025, Barclays joined a consortium exploring a reserve-backed digital currency on public blockchains.
That initiative focuses on G7-pegged assets to improve cross-border settlement speed and reduce costs.
Last month, the bank also announced a strategic investment in Ubyx, a US company building a global clearing system for tokenized deposits and regulated stablecoins.
Rivals Have Already Deployed Blockchain Solutions
JPMorgan began rolling out JPM Coin, a deposit token for institutional clients, late last year. HSBC plans to expand its tokenized deposit service to corporate clients in the US and UAE in the first half of this year.
These deployments show that blockchain-based payments are moving beyond the testing phase at major banks.
Meta Platforms is also exploring stablecoin payments across its apps and is currently testing such offerings.
Technology companies entering payments are adding competitive pressure on traditional lenders. Banks that delay adoption risk losing a share of a rapidly growing market.
Most bank blockchain systems remain early-stage despite over a decade of industry testing. Transaction volumes on these platforms still trail those processed through traditional systems.
However, the pace of exploration has quickened considerably as stablecoin volumes continue to expand.
Barclays Bets on Interoperability to Stay Relevant
The Ubyx collaboration focuses on enabling banks and regulated institutions to offer digital wallets alongside traditional accounts.
Ryan Hayward, Head of Digital Assets and Strategic Investments at Barclays, explained the strategic direction in January.
“Interoperability is essential to unlock the full potential of digital assets,” Hayward said. “As the landscape of tokens, blockchains and wallets evolves, specialist technology will play a pivotal role in delivering connectivity and infrastructure to enable regulated financial institutions to interact seamlessly.”
Those words capture the core of Barclays’ current strategy. The bank aims to serve clients who need both legacy banking services and blockchain-based financial solutions.
Regulatory developments are also accelerating institutional interest, with the US GENIUS Act establishing a framework for dollar-backed tokens that has prompted major banks to revisit their digital asset strategies.
Source: https://www.livebitcoinnews.com/stablecoins-hit-260b-as-barclays-eyes-blockchain-payments/
