Ubyx, a startup founded by former Citigroup executive Tony McLaughlin, has raised $10 million in a seed funding round led by Galaxy Ventures, with participation from Coinbase Ventures, Founders Fund, Paxos, VanEck and others. Here is a detailed introduction:
Ubyx aims to build a clearing system that connects stablecoin issuers with banks and fintech companies, solving the interoperability problem in payment scenarios. It plans to establish a global stablecoin acceptance network similar to Visa and Mastercard, enabling stablecoins issued by various institutions to circulate across platforms.
The service will allow regulated banks and fintechs to redeem stablecoins directly for fiat at par value. This aims to reduce friction in stablecoin usage, encourage broader adoption, integrate stablecoins into traditional finance, and support cash – equivalent accounting treatment.
The Ubyx system will support blockchains such as Solana, Base, Canton, and XRP Ledger, and is expected to be launched by the end of the year. In the future, it will also be compatible with other digital asset forms such as central bank digital currencies.
Ubyx’s solution helps solve the long – standing problem of fragmentation in the stablecoin market. By establishing a common clearing system, it removes the need for each issuer to build its own distribution network, which is expensive and inefficient. This could help stablecoins meet accounting standards for being treated as cash equivalents, a crucial hurdle for institutional adoption, and promote the widespread adoption of stablecoins.
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