Barclays makes first bet on stablecoins
Barclays has entered the stablecoin settlement space with a strategic investment in Ubyx.
Ubyx, a US-based clearing system for digital money, including tokenised deposits and regulated stablecoins, is the first company in this segment to receive an investment from the bank.
Ryan Hayward, head of digital assets and strategic investments at Barclays, said the investment reflects the importance of interoperability in unlocking the full potential of digital assets.
“As the landscape of tokens, blockchains and wallets evolves, specialist technology will play a pivotal role in delivering the connectivity and infrastructure required to enable regulated financial institutions to interact seamlessly,” he said.
The investment comes as interest accelerates in token-based forms of digital money operating on public blockchain infrastructure.
Regulators in several jurisdictions are advancing clearer frameworks, while adoption is increasingly extending beyond cryptocurrency-only use cases.
“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 alongside traditional bank accounts,” said Tony McLaughlin, chief executive of Ubyx.
Barclays has not disclosed the exact size of the investment.