Barclays has made its first direct capital investment into the stablecoin sector, acquiring a stake in Ubyx, a U.S.-based startup building settlement infrastructure for digital assets.
The deal, reported Wednesday by Reuters, signals a strategic pivot for the British lender as it seeks to integrate “tokenized money” into regulated banking frameworks. While Barclays confirmed the investment, it declined to disclose the deal’s valuation or the specific size of its stake.
Launched in early 2025 by payments veteran Tony McLaughlin, Ubyx operates a specialized clearing system designed to reconcile transactions across a fragmented landscape of stablecoin issuers. The platform aims to solve the “many-to-many” interoperability problem, allowing banks and fintechs to redeem stablecoins directly into recipient bank accounts at par value, bypassing traditional crypto exchanges.
“Interoperability is essential to unlock the full potential of digital assets,” said Ryan Hayward, Head of Digital Assets and Strategic Investments at Barclays. He noted that specialized infrastructure will be “pivotal” in enabling regulated institutions to interact seamlessly with blockchains and digital wallets.
The investment follows a successful $10 million seed round for Ubyx in mid-2025, which saw participation from major industry players including Galaxy Ventures, Coinbase Ventures, Founders Fund, and VanEck.
The startup’s advisory board recently added Brian Quintenz, the former U.S. Commodity Futures Trading Commission (CFTC) commissioner. Quintenz, who previously led policy for a16z crypto, joined Ubyx last month after his nomination to return as CFTC Chairman was withdrawn last fall amidst political scrutiny. His involvement is seen as a move to bolster the firm’s standing with global regulators.
Barclays’ move comes as the stablecoin market enters a new phase of institutional adoption. According to data from The Block, total stablecoin supply has surpassed $300 billion as of early 2026. While Tether’s USDT continues to dominate with over $187 billion in circulation, banks are increasingly looking toward regulated alternatives.
The Ubyx stake is part of a broader “consortium-led” strategy for Barclays. In late 2025, the bank joined nine other major institutions—including Goldman Sachs and UBS—to explore a regulated stablecoin pegged to G7 currencies. This mirrors similar efforts in Europe, where a separate group of nine banks, including ING and UniCredit, plans to launch a MiCAR-compliant euro stablecoin by the second half of 2026.
The investment marks a notable shift for Barclays. In recent years, the bank had been cautious regarding the crypto sector, notably blocking customer credit card purchases of cryptocurrencies in 2021 due to volatility and fraud concerns.
By focusing on infrastructure like Ubyx rather than direct asset issuance, Barclays appears to be positioning itself as a “rails” provider for the next generation of digital payments, ensuring that when digital money does go mainstream, it remains firmly within the “regulatory perimeter.”
