Ubyx Inc., a startup focusing on stablecoin infrastructure, has announced a successful $10 million seed funding round.
Startup Funding
Ubyx Inc., founded by former Citigroup executive Tony McLaughlin, has raised $10 million to build a global clearing system for digital currencies. The funding round was led by Galaxy Ventures, with participation from Peter Thiel’s Founders Fund, Coinbase Ventures, Paxos, and VanEck.
Ubyx's Mission
Ubyx aims to solve the fragmentation of the stablecoin market, which is hindered by multiple issuers and incompatible blockchains. The company plans to create a unified acceptance network that allows even small banks to issue and accept stablecoins without needing extensive infrastructure. Tony McLaughlin explained, "This would enable people to take stablecoins to a bank and for the bank to give them credit for the equivalent in their account."
Current Market Situation
The launch of Ubyx comes at a crucial time for stablecoins, as the U.S. Senate is considering new legislation that aims to establish a national framework for the sector. The GENIUS Act is scheduled for a Senate vote. Meanwhile, Circle, the issuer of the second-largest stablecoin by market cap, has recently gone public through a successful IPO, which could encourage new major players to enter the market, highlighting the need for unified infrastructure.
Additionally, Ubyx plans to support various blockchains like Solana and XRP Ledger, along with other digital monetary formats, including tokenized deposits and central bank digital currencies.
