Ubyx is a new stablecoin clearing platform aimed at driving widespread adoption of stablecoins by redeeming them at face value. The company has completed a $10 million seed funding round with support from several major cryptocurrency investors.
According to an announcement on Tuesday (June 18), this funding round was led by Galaxy Ventures, with participants including Coinbase Ventures, Founders Fund, VanEck, Paxos, and others. The startup plans to launch its platform in the fourth quarter of 2025.
The service will allow regulated banks and fintech companies to directly exchange stablecoins for fiat currency at face value, aiming to reduce friction in the use of stablecoins and encourage broader adoption.
Ubyx's partners include stablecoin issuer Paxos and blockchain Ripple, which focuses on financial services, as well as other participants in the financial services and crypto infrastructure sectors.
Mike Giampapa, a general partner at Galaxy Ventures, stated, "When there is a shared acceptance network, stablecoins will become ubiquitous, just like credit cards."
Cointelegraph has reached out to Ubyx for comment but has not received a response by the time of publication.
Ubyx claims that the current stablecoin market faces barriers to mass adoption, with the on-chain and off-chain setups of existing stablecoins being a limiting factor. Different stablecoin issuers have established their own distribution networks, leading to increased costs and a lack of interoperability.
Currently, institutions are also unable to treat stablecoins held on their balance sheets as cash equivalents. Ubyx states that its stablecoin clearing system addresses these issues by connecting multiple issuers with multiple receiving institutions.
Ubyx aims to integrate stablecoins into traditional finance by "allowing stablecoins to be redeemed for fiat currency at face value, entering existing bank and fintech accounts." This move is intended to reduce market fragmentation and standardize redemptions to support accounting treatment as cash equivalents.
Shan Aggarwal, Vice President of Corporate and Business Development at Coinbase Ventures, remarked, "Just as the internet changed the way we communicate, stablecoins on public networks will change the way we pay."
At the time of the announcement, trading volume in the stablecoin industry was on the rise, with data scientist Daren Matsuoka from a16z Crypto reporting that the transaction value processed by stablecoins in the past 12 months was 19.4 times higher than that of PayPal.
Tony McLaughlin, founder and CEO of Ubyx, stated that the service allows multiple stablecoin issuers to operate within a market structure relying on numerous blockchains and currencies on a single network.
Ubyx will initially support multiple blockchains, including Aptos, Arbitrum, Avalanche, Base, Canton, Concordium, Hedera, Polygon, Solana, Starknet, Stellar, Sui, XDC, XRPL, and ZKsync.
The company is also launching with key infrastructure partners, including BitGo, Copper, Chainalysis, and Fireblocks.
Related: Genius Group's Bitcoin reserves grow by 52%, reaffirming the goal of 1,000 BTC
Original: “Ubyx Raises $10 Million to Standardize Stablecoin Redemption and Drive Adoption”
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