From Yahoo Finance: 2025-06-17 08:36:00

Ubyx, a startup founded by ex-Citigroup executive Tony McLaughlin, has raised $10 million to build a global stablecoin clearing system to facilitate adoption. The seed round was led by Galaxy Ventures, with backing from Coinbase Ventures, Founders Fund, Paxos, VanEck, and others.

The London-based company aims to solve the stablecoin market’s fragmentation issue by proposing a common clearing system for multiple issuers. Ubyx’s system would allow stablecoins to be redeemed at face value into bank or fintech accounts, eliminating the need for each issuer to build their own off-ramp infrastructure.

Ubyx envisions a pluralistic market structure with multiple issuers, blockchains, and currencies in a global, interoperable network. The system already has sign-ups from issuers like Ripple, Paxos, Transfero, and Monerium, and will support over a dozen blockchains, including Solana, Arbitrum, and the XRP Ledger.

The funding round for Ubyx comes at a time when stablecoins are poised to become the “money rail of the internet.” With key U.S. stablecoin legislation in the works, commerce giants like Walmart and Amazon are considering issuing their own stablecoins, while major U.S. banks are contemplating launching a joint stablecoin to stay competitive in the crypto space.

Read more: Stablecoin Clearing Startup Ubyx Raises $10M Round Backed by Galaxy, Coinbase, Others