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

ChainCatcher news, according to Bloomberg, Ubyx, a stablecoin startup founded by former Citigroup executive Tony McLaughlin, has completed a $10 million seed round financing, led by Galaxy Ventures, with participation from Founders Fund, Coinbase Ventures, Paxos, and VanEck. The company aims to build 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 circulate across platforms. Its system will support blockchains such as Solana, Base, Canton, and XRP Ledger, and 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 be compatible with other forms of digital assets, including central bank digital currencies.