Catenaa, Thursday, June 26, 2025-Ubyx, a London-based startup founded by ex-Citigroup executive Tony McLaughlin, has raised $10 million in seed funding to develop a global stablecoin clearing system aimed at streamlining the fragmented stablecoin market.
The round was led by Galaxy Ventures and backed by Coinbase Ventures, Founders Fund, Paxos, VanEck, and others, the company announced Tuesday.
Ubyx’s platform will allow stablecoins from multiple issuers to be redeemed at face value through any bank or fintech, eliminating the need for each issuer to create its own off-ramp infrastructure. This approach intends to boost interoperability and reduce costs in stablecoin distribution.
Issuers signed on so far include Ripple, Paxos, Transfero, and Monerium. The clearing system will feature compliance checks such as anti-money laundering and know your customer protocols.
The platform is expected to launch later this year and will support over a dozen blockchains, including Solana, Arbitrum, and the XRP Ledger.
The funding comes amid growing momentum for stablecoins as a foundational “money rail of the internet,” with major US banks and retail giants like Walmart and Amazon exploring stablecoin issuance.
Pending US legislation, including the GENIUS Act, could further boost adoption by providing regulatory clarity.
