To accelerate the adoption of stablecoins by enabling redemption at face value, a $10 million seed funding round has been closed with support from several leading cryptocurrency investors.

Galaxy Ventures led the funding round, with participation from Coinbase Ventures, Founders Fund, VanEck, Paxos, and others, according to an announcement on Tuesday. The startup plans to launch its platform in the fourth quarter of 2025.

The service will allow regulated banks and fintech companies to redeem stablecoins directly for fiat currencies at face value, aiming to reduce friction in the use of stablecoins and encourage broader adoption.

Ubyx's partners include Paxos, the issuer of stablecoins, and the finance-oriented blockchain Ripple, among other players in the financial services and cryptocurrency infrastructure sectors.

Mike Giambapa, General Partner at Galaxy Ventures, said, "Stablecoins become ubiquitous when there is a common acceptance network, just like cards." Cointelegraph reached out to Ubyx for comment but did not receive a response by the time of publication.