Ubyx Secures $10 Million for Global Stablecoin Network

Coin WorldTuesday, Jun 17, 2025 7:44 am ET
2min read

Ubyx, a stablecoin clearing system designed to facilitate the redemption of stablecoins at face value for regulated banks and fintechs, has announced the completion of a $10 million seed funding round. The round was led by Galaxy Ventures, with additional participation from

Ventures, Founders Fund, VanEck, Ventures, LayerZero, Paxos, , Payoneer, and Monerium. This funding will support Ubyx's mission to create a global network for stablecoin acceptance, addressing current market barriers that hinder mass adoption.

The stablecoin market currently faces significant challenges, including the high cost of building individual distribution networks for each issuer and the inability of corporates and banks to hold stablecoins as cash equivalents.

aims to overcome these obstacles by providing a clearing system that connects multiple issuers with receiving institutions, enabling the redemption of stablecoins for fiat at par value into existing bank and fintech accounts. This system promotes regulated off-ramps, ensuring compliance with AML, KYC, fraud, and sanctions screening.

Ubyx's key features include global acceptance through a mutual redemption network with a common rulebook, cash equivalence allowing stablecoins to be deposited at par value, and the extension of trusted relationships by enabling banks and fintechs to establish a foothold in digital assets. The system supports multiple blockchains, including Aptos, Arbitrum, Avalanche, Base, Canton, Concordium, Hedera, Polygon, Solana, Starknet, Stellar, Sui, XDC, XRP Ledger, and ZKsync. Scaling partners will provide TradFi players with wallets, blockchain analytics, and other technology enablers, with launch partners including Axelar, BitGo, Chainalysis, Chavanette Advisors, Copper, Dfns, Digital Asset, Fireblocks, GK8 by Galaxy, IntellectEU, Kaleido, LayerZero, Silence Labs, Taurus, TRM Labs, Utila, Zodia Custody, and Zuehlke.

Mike Giampapa, General Partner of Galaxy Ventures, highlighted the importance of a shared acceptance network for stablecoins, comparing it to the ubiquity of card payments. He emphasized that traditional banks and fintechs should provide wallets to accept a wide range of regulated stablecoins on many public-permissionless blockchains. Shan Aggarwal, Vice President of Corporate and Business Development at Coinbase Ventures, echoed this sentiment, stating that stablecoins on public networks will revolutionize payments, and Ubyx is a critical component in making stablecoin acceptance universal. Bridget Harris, Associate at Founders Fund, noted the need for a clearing system to make stablecoins interoperable and fungible as regulation solidifies and stablecoins proliferate.

Ubyx Founder and CEO, Tony McLaughlin, described Ubyx as the industry's self-organization to deliver stablecoin ubiquity. He envisioned a future where stablecoins are native to the payments ecosystem, supported by a pluralistic market structure with multiple issuers, blockchains, and currencies in a global, interoperable network. Live operation is planned for Q4 2025, with currency expansion and progressive decentralization of governance and technology to follow. The Ubyx Association is open to industry participants, regulators, and other stakeholders to form stablecoin strategies, connect with partners, and prepare for the stablecoin epoch.

Ubyx was founded to facilitate stablecoin ubiquity by connecting multiple issuers with receiving institutions in a common settlement environment. This environment allows for the redemption of stablecoins at par value and supports the singleness of money. For more information, visit https://www.ubyx.xyz. For press inquiries, contact press@ubyx.xyz.