Ubyx, a stablecoin clearing system, has announced its completion of a $10 million seed funding round led by Galaxy Ventures.
About Ubyx System
Ubyx is designed to enable global acceptance of stablecoins and address current market barriers. The system connects multiple issuers with financial institutions, allowing for stablecoin redemptions at par value.
Investments and Partners
The $10 million funding round saw participation from notable partners including Coinbase Ventures, Founders Fund, and VanEck. Participating issuers such as Paxos and Ripple also announced their involvement.
Future of Stablecoins
Ubyx plans to activate its system in 2025 with the expectation of currency expansion and decentralization. Ubyx founder Tony McLaughlin emphasized the significance of this initiative for the future of payments utilizing stablecoins.
The launch of Ubyx may significantly enhance stablecoin adoption on a global scale and address existing distribution challenges.
