Barclays Takes Stake in Stablecoin Settlement Firm Ubyx

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British lender Barclays said on Wednesday it has bought a stake in U.S.-based stablecoin settlement company Ubyx, marking its first investment in the stablecoin sector as it explores what it called “new forms of digital money.”

Founded in 2025, Ubyx operates a clearing and settlement system for stablecoins — cryptocurrencies pegged one-to-one to traditional currencies — with the goal of reconciling tokens issued by different providers. Barclays said the investment reflects its interest in developing tokenised money within existing regulatory frameworks.

The move comes as banks and financial institutions increasingly revisit blockchain-based payments and settlement solutions, buoyed by rising cryptocurrency prices and renewed political support for the sector in the United States under President Donald Trump. Despite the renewed momentum, many blockchain and stablecoin initiatives by traditional banks remain at an early stage.

Barclays said it and Ubyx share a commitment to building tokenised money “within the regulatory perimeter.” The bank was also among a group of 10 lenders — including Goldman Sachs and UBS — that said in October they were exploring the possibility of jointly issuing a stablecoin linked to G7 currencies.

“This investment aligns with Barclays’ approach to explore opportunities based on new forms of digital money, such as stablecoins,” a spokesperson for the bank said.

Barclays declined to disclose the size or valuation of the investment but confirmed it was its first stake in a stablecoin-related company. Venture capital arms of crypto firms Coinbase and Galaxy Digital have also previously invested in Ubyx, according to PitchBook.

The stablecoin market has expanded rapidly in recent years, dominated by Tether, which has about $187 billion worth of tokens in circulation. Stablecoins are primarily used to move funds within cryptocurrency markets but are increasingly being examined for broader use in payments and financial settlement.

China Reviews Meta’s Purchase of AI Startup Manus Over Possible Tech Control Violations, FT Reports

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Chinese authorities are reviewing Meta Platforms’s acquisition of artificial intelligence startup Manus for potential violations of China’s technology export control rules, the Financial Times reported on Tuesday, citing people familiar with the matter.

According to the report, officials from China’s commerce ministry are assessing whether the relocation of Manus’ staff and technology to Singapore, followed by its sale to Meta, should have required an export license under Chinese law. The review is said to be at a preliminary stage and may not result in a formal investigation.

However, the Financial Times noted that if an export license were deemed necessary, it could give Beijing leverage over the transaction and, in an extreme scenario, potentially force the parties to abandon the deal. Reuters said it could not immediately verify the report. Meta and Manus did not respond to requests for comment.

Meta acquired Manus last month, with a source familiar with the matter previously telling Reuters that the deal valued the Singapore-based company at between $2 billion and $3 billion.

Manus drew widespread attention earlier this year after its product went viral on X. The startup claimed to have developed the world’s first general AI agent capable of autonomously making decisions and executing tasks with minimal prompting, positioning it as a potential rival to AI systems such as ChatGPT and DeepSeek.

The reported review comes amid heightened scrutiny by Chinese regulators over outbound transfers of advanced technology, particularly as geopolitical tensions rise and governments seek to safeguard strategic AI capabilities.

Japan Condemns China’s Dual-Use Export Ban as Rare Earth Curbs Loom

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Japan on Wednesday condemned China’s ban on dual-use exports to its military as “absolutely unacceptable,” warning that the move could be followed by broader restrictions on rare earth exports, escalating tensions between Asia’s two largest economies.

Dual-use items include goods, software, and technologies with both civilian and military applications, such as critical minerals used in drones and semiconductor manufacturing. Tokyo’s criticism came after Beijing announced a ban on exports to Japanese military users or for any purposes that could enhance Japan’s military capabilities.

Japan’s top government spokesman, Chief Cabinet Secretary Minoru Kihara, said the measure deviates sharply from international norms and unfairly targets Japan. He declined to specify which industries might be affected, noting that the scope of the restrictions remains unclear.

The dispute traces back to comments made late last year by Japanese Prime Minister Sanae Takaichi, who said a Chinese attack on democratically governed Taiwan could pose an existential threat to Japan. China considers Taiwan part of its territory, a claim Taiwan rejects. Beijing has demanded Takaichi retract the remarks, which she has refused to do, prompting a series of retaliatory measures.

Japanese markets reacted negatively, with the Nikkei 225 falling about 1% on Wednesday. Shares of major defense contractors Kawasaki Heavy Industries and Mitsubishi Heavy Industries were among the biggest decliners, each dropping around 2%.

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RARE EARTH CURBS IN FOCUS
Chinese state-backed newspaper China Daily reported on Tuesday that Beijing is considering tighter restrictions on rare earth exports to Japan, a move that could have far-reaching consequences for Japan’s manufacturing sector, particularly automobiles. Despite efforts to diversify supply since China curtailed rare earth exports in 2010, Japan still sources about 60% of its rare earth imports from China. For certain heavy rare earths used in electric and hybrid vehicle motors, dependence on China is nearly total, analysts say.

Japanese automaker Subaru said it is closely monitoring the situation, while Toyota Motor and Nissan Motor did not immediately comment.

According to Takahide Kiuchi, an economist at Nomura Research Institute, a three-month halt in Chinese rare earth exports could cost Japanese businesses 660 billion yen ($4.2 billion) and reduce annual GDP by 0.11%. A year-long ban could shave 0.43% off economic output.

Supply chain consultancy Tidalwave Solutions said Japan is unlikely to remain passive if the curbs expand. “If Japanese civilian or commercial entities are targeted, you could see retaliation,” said Cameron Johnson, a senior partner at the firm, adding that Tokyo could respond by restricting materials China needs for its own high-end manufacturing.

Adding to the strain, China on Wednesday launched an anti-dumping investigation into Japanese imports of dichlorosilane, a key chemical used in semiconductor production, according to China’s commerce ministry.

The standoff has already led Beijing to discourage travel to Japan, halt imports of Japanese seafood, and cancel bilateral meetings and cultural exchanges. Analysts say the dispute could drag on, drawing parallels to the 2012 row over disputed islands that froze high-level talks for more than two years.

China’s foreign ministry reiterated its demand that Japan retract the Taiwan-related remarks. “We urge the Japanese side to confront the root cause of the issue, reflect on its mistakes, and retract the erroneous remarks,” spokesperson Mao Ning said.