Stablecoin startup Ubyx completes $10 million seed round funding, led by Galaxy Ventures

BlockBeats News, June 17, the stablecoin startup Ubyx, founded by former Citigroup executive Tony McLaughlin, has completed a $10 million seed funding round led by Galaxy Ventures, with participation from Founders Fund, Coinbase Ventures, Paxos, and VanEck.

The company is dedicated to building a clearing system that connects stablecoin issuers with banks and fintech companies to address interoperability issues in payment scenarios. Ubyx plans to establish a global stablecoin acceptance network similar to Visa and Mastercard, enabling stablecoins issued by various institutions to achieve cross-platform circulation. Its system will support blockchains such as Solana, Base, Canton, and XRP Ledger, and it has already partnered with stablecoin issuers like Paxos and Ripple. The network is expected to go live by the end of the year and will also support other forms of digital assets, including central bank digital currencies (CBDCs), in the future.