Barclays has bought a stake in US-based stablecoin settlement company Ubyx, marking the bank’s first investment in a stablecoin-related business as it looks to explore what it describes as “new forms of digital money”.

The investment forms – according to the bank – part of a broader strategy to engage with digital assets and tokenised forms of money. While they haven’t disclosed the size of the stake or the valuation of Ubyx, Barclay’s has stated that this was its first investment in a company focused on stablecoins.

Founded in 2025, Ubyx operates a clearing system designed to support stablecoins, cryptocurrencies that are typically pegged 1:1 to fiat currencies. The platform aims to reconcile tokens issued by different stablecoin providers, addressing interoperability challenges as the number of issuers and blockchain networks continues to grow.

Interest in stablecoins and blockchain-based financial infrastructure has seen something of a renewal over the past year, with banks and financial institutions announcing a range of initiatives tied to digital assets.

This renewed momentum has been driven in part by rising cryptocurrency prices and renewed political attention in the United States, including support for the sector from President Donald Trump, which has contributed to increased market volatility and speculation.

Despite this renewed interest across the sector, many blockchain-related projects across the banking industry remain at an early stage of development.

Alongside Barclays, Ubyx has previously attracted investment from the venture capital arms of US crypto firms Coinbase and Galaxy Digital, according to PitchBook.

The stablecoin market itself has expanded rapidly, with the number of tokens in circulation rising sharply in recent years. El Salvador-based Tether currently leads the market, with $187 billion worth of tokens outstanding. Stablecoins are primarily used to move funds within cryptocurrency markets, though proponents argue their role could expand into mainstream financial services.

Barclays said the investment aligns with growing interest in tokenised deposits and regulated stablecoins, particularly as regulatory frameworks begin to take shape in several jurisdictions. The bank described Ubyx as a clearing system for digital money, including tokenised deposits and regulated stablecoins.

“Interoperability is essential to unlock the full potential of digital assets,” said Ryan Hayward, Head of Digital Assets and Strategic Investments at Barclays.

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“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. We are pleased to be joining Ubyx on their journey as we drive forward our shared ambition to accelerate and shape innovation across our industry.”

Tony McLaughlin, CEO of Ubyx, said the company’s focus is on building shared infrastructure for regulated digital money.

He said: “Our mission is to build a common globalised acceptance network for regulated digital money including tokenised deposits and regulated stablecoins. Bank participation is vital to provide par value redemption through regulated channels. We are entering a world in which every regulated firm offers digital wallets in addition to traditional bank accounts.”