Ubyx, a London-based fintech startup, has secured $10 million in seed funding to tackle one of the stablecoin sector’s most pressing challenges: fragmentation. The round was led by Galaxy Ventures, with strategic backing from firms including Coinbase Ventures, VanEck, Paxos, and the Founders Fund.
Solving Stablecoin Fragmentation With a Universal Clearing Layer
At the core of Ubyx’s mission is a stablecoin clearing system that will allow multiple stablecoin issuers to redeem tokens at face value directly into bank or fintech accounts. The current model requires each issuer to build its own off-ramp infrastructure — a costly and siloed approach.
Ubyx’s system eliminates that need by creating a common layer that supports seamless interaction across regulated financial institutions, enabling universal acceptance and redemption of compliant stablecoins.
Key Players and Integration Plans
The platform has already onboarded major issuers, including:
- Ripple
- Paxos
- Transfero
- Monerium
The system is designed to operate interoperably across more than a dozen blockchains, including Solana, Arbitrum, and the XRP Ledger. Support for KYC/AML compliance ensures that the platform remains aligned with global regulatory expectations.
Potential Game-Changer for Institutional Adoption
Ubyx aims to make stablecoins more compatible with accounting standards by enabling treatment as cash equivalents, a key factor for institutional acceptance. The company’s vision is to mirror the Visa model, where even small financial institutions can issue or redeem stablecoins without building their own infrastructure.
“Ubyx enables a pluralistic market structure with multiple issuers, multiple blockchains, and multiple currencies in a global, interoperable network,” said Ubyx founder and CEO Tony McLaughlin.
The Bigger Picture: Stablecoins as Internet Money Rails
The funding comes amid increasing interest from global corporations and financial institutions in launching their own stablecoins. Retail giants like Walmart and Amazon are reportedly exploring issuance, while U.S. banks are discussing a joint stablecoin project to stay competitive.
With legislation advancing in the U.S., stablecoins are poised to become the digital payment rails of the internet economy. Ubyx’s model could become the backbone for this transformation, offering interoperability, liquidity, and regulatory compliance in a single infrastructure layer.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.