Ubyx Raises $10 Million for Global Stablecoin Clearing System

Ubyx Inc., a startup focused on stablecoin infrastructure, has successfully raised $10 million in seed funding. The round was led by Galaxy Ventures and included notable participants such as Peter Thiel’s Founders Fund, Coinbase Ventures, Paxos, and VanEck. The funding will be used to develop a global clearing system for digital money, with plans to expand partnerships and prepare for a full network launch by the end of the year.

The company, founded by former Citigroup executive Tony McLaughlin, aims to address the fragmentation in the stablecoin market. Currently, multiple issuers and incompatible blockchains create barriers to widespread adoption. Ubyx's solution is to create a unified acceptance network, similar to the systems operated by Visa or Mastercard for card payments. This network would enable even small banks to issue and accept stablecoins without the need for extensive infrastructure development.

McLaughlin explained the vision, stating, “This would enable people to take stablecoins to a bank and for the bank to give them credit for the equivalent in their account.” Ubyx plans to support several blockchains, including Solana, Base, Canton, and the XRP Ledger, as well as other digital money formats such as tokenized deposits and central bank digital currencies.

The timing of Ubyx's launch is significant as the U.S. Senate is considering new legislation to regulate the stablecoin sector. The GENIUS Act, which aims to establish the first national framework for stablecoin oversight, is scheduled for a vote. This regulatory development underscores the growing importance of stablecoins in the financial landscape.

Additionally, the recent public listing of Circle, the issuer of the second-largest stablecoin by market cap, has sparked predictions of a surge in new stablecoin issuers, including major tech firms. This trend highlights the urgent need for a unified infrastructure, which Ubyx is poised to deliver. Galaxy Digital CEO Michael Novogratz emphasized the importance of an interoperable acceptance network, stating, “For stablecoins to truly scale, the world needs an interoperable acceptance network that connects issuers with regulated financial institutions.”