Ubyx, a new player in the blockchain market, has secured significant funding to address the interoperability issue of stablecoins, which is becoming increasingly relevant in the digital economy.
The Problem of Stablecoin Interoperability
Interoperability of stablecoins is a critical issue that needs to be addressed for their widespread use as payment methods. Major problems include:
* The existence of multiple stablecoins (USDT, USDC, DAI, etc.) operating on different blockchains. * The need for standardization in integrating stablecoins with traditional banking systems and financial applications. * Cross-border payment mechanisms using stablecoins often require alternative intermediaries.
Ubyx's Plan for Building the Network
Ubyx plans to create a global clearing system that will include:
* Stablecoin issuers responsible for their issuance. * Traditional banks that manage customer funds and settlements. * Financial technologies developing apps and services for payments.
This network is intended to enhance the settlement and clearing processes, simplifying transactions and reducing costs associated with using stablecoins.
Support and Challenges for Ubyx
Ubyx has raised $10 million in an initial funding round, showcasing investor confidence in the project. Significant investors include:
* Galaxy Ventures * Founders Fund * Coinbase Ventures * Paxos * VanEck
However, Ubyx faces serious challenges such as a complex regulatory environment and the need to attract traditional financial institutions.
With the backing of major investors and plans to create a clearing system for stablecoins, Ubyx could play a key role in expanding the use of crypto payments and addressing current issues in the global economy.
