Ubyx, a stablecoin clearing system that enables regulated banks and fintechs to redeem stablecoins at face value, announced a $10 million seed round led by Galaxy Ventures with participation from Coinbase Ventures, Founders Fund, VanEck, Mirana Ventures, LayerZero, Paxos, Boku, Payoneer, and Monerium.
Ubyx was designed to deliver stablecoin ubiquity, meaning the widespread acceptance of multiple stablecoins. Participating issuers include: Paxos, Ripple, Agora, Transfero, Monerium, GMO Trust, BiLira, Juno (a Bitso company), Brale, Minteo, Tokenised GBP, Avenia, Agant, AllUnity, and Eurodollar.
Problem being addressed: The stablecoin market structure now has barriers to mass adoption. The paradigm of on/off-ramping into/out of the crypto world is a bottleneck for users. Each stablecoin issuer has to build its own distribution network at significant cost. Corporations and banks cannot currently hold stablecoins on their balance sheets as cash equivalents.
Ubyx addresses these issues and expands the market by providing a clearing system for stablecoins, connecting multiple issuers with multiple receiving institutions, allowing redemption of stablecoins for fiat at par value into existing bank and fintech accounts.
These are some of the key features:
1.) Global acceptance – Issuers access a mutual redemption network with a common rulebook.
2.) Cash equivalence and singleness of money – Stablecoins can be deposited at par value.
3.) Promotes regulated off-ramps – Redemption through regulated channels with AML, KYC, fraud, and sanctions screening.
4.) Extends trusted relationships – Banks and fintechs establish a foothold in digital assets.
Ubyx facilitates widespread TradFi adoption of public blockchain infrastructure and will support multiple chains, 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. Launch partners include: 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.
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.
KEY QUOTES:
“Stablecoins become ubiquitous when there is a shared acceptance network, just like cards. Traditional banks and fintechs should provide wallets to accept a wide range of regulated stablecoins on many public-permissionless blockchains.”
Mike Giampapa, General Partner of Galaxy Ventures
“Just like the internet changed how we communicate, stablecoins on public networks will change how we pay. Ubyx is a critical piece of the stack that will help make stablecoin acceptance universal.”
Shan Aggarwal, Vice President of Corporate and Business Development at Coinbase Ventures
“As regulation solidifies and stablecoins proliferate, a clearing system is needed to make all of these assets interoperable and fungible. We’re proud to be backing Ubyx as they build the infrastructure to make stablecoins accepted globally.”
Bridget Harris, Associate at Founders Fund
“Ubyx represents the coming of age of stablecoins as the industry self-organises to deliver stablecoin ubiquity. Ubyx enables a pluralistic market structure with multiple issuers, multiple blockchains and multiple currencies in a global, interoperable network. The future of payments is stablecoin native.”
Ubyx Founder and CEO Tony McLaughlin
