As stablecoins gradually become the new infrastructure for digital payments, how to quickly exchange and settle has become a crucial step. The stablecoin clearing and settlement company Ubyx, founded by former Citibank executives, announced the completion of a $10 million seed funding round, with participation from Galaxy, Coinbase, and VanEck, aiming to open up asset transfer channels between global banks and fintech startups.
Breaking the stablecoin 'island' bottleneck, Ubyx connects the global clearing network
Ubyx is a startup stablecoin clearing platform focused on addressing the fragmentation of the stablecoin market and the withdrawal issues most troublesome for users. The platform enables regulated banks and fintech companies to seamlessly exchange stablecoins directly for fiat currencies, significantly reducing transaction costs and compliance risks for institutional users.
Capital exchange, clearing and settlement process
The company was founded by Tony McLaughlin, former head of emerging payments at Citibank, aiming to unite companies like Paxos and Ripple to create a global interoperable exchange network and common clearing standard, transforming stablecoins from scattered 'islands' into 'digital cash' that can truly be accepted by banks.
Currently, most stablecoins face two major obstacles. First, each stablecoin issuer must establish their own distribution and exchange network, which is costly. Additionally, companies and banks still cannot effectively and compliantly list stablecoins as cash equivalents on their balance sheets.
As an intermediary, Ubyx handles various stablecoin deposits, withdrawals, and redemptions, while conducting AML, KYC, and sanctions screening, providing an efficient and compliant settlement system. It is expected to support multiple blockchains, including Solana, Arbitrum, Polygon, and Sui, and collaborate with crypto infrastructure such as BitGo, Chainalysis, and Fireblocks.
Raised $10 million, backed by Galaxy, Coinbase, and VanEck
Today, Ubyx announced the completion of a $10 million seed funding round led by Galaxy Ventures, with participation from Coinbase Ventures, Founders Fund, VanEck, LayerZero, and Paxos. This impressive lineup of investors not only symbolizes the market's technological demand for digital payment infrastructure but also indicates high expectations for the development prospects in the stablecoin sector.
Two months ago, we released the Ubyx Whitepaper. Today, we announce a $10M seed round led by Galaxy Ventures, with participation from Coinbase Ventures, Founders Fund, VanEck, and industry stakeholders to deliver the global clearing system that will unlock stablecoin ubiquity. pic.twitter.com/XT8QwSxRlL
— Ubyx (@ubyx_) June 17, 2025
Bridget Harris, an investor at Founders Fund, stated: 'When regulations are clear and stablecoins continue to expand, we need a clearing system to make these assets instantly interoperable and replaceable.'
Ubyx Q4 launch, marking the starting point for large-scale stablecoin adoption
Ubyx is expected to officially launch in Q4 2025, initially focusing on compliant exchange and settlement services between stablecoins and fiat currencies, with plans to gradually promote decentralization of technology and governance in the future. McLaughlin stated:
Ubyx's goal is to usher in the native era of stablecoins, allowing payment structures to truly embrace a future of multi-currency, multi-chain, and global interoperability.
With the market capitalization of stablecoins surpassing $250 billion, their potential and trends can no longer be ignored. Companies like JPMorgan, Amazon, Walmart, and several banks or business giants have shown interest or indicated intentions to issue their own stablecoins. Now, the clearing platform built by Ubyx is a significant step in institutionalizing and infrastructuring this force.
As Coinbase Ventures stated: 'Just as the internet changed the way we communicate, stablecoins will change the way we pay, and Ubyx is a key player in this revolution.'
This article on stablecoin clearing network Ubyx's $10 million funding round, with Galaxy, Coinbase, and VanEck participating, first appeared on Chain News ABMedia.
