Ubyx Raises $10M to Streamline Stablecoin Transactions With New Clearing System
Ubyx, a London-based fintech startup launched by ex-Citigroup executive Tony McLaughlin, has secured $10 million in seed funding to build a unified clearing system for stablecoins—a move aimed at boosting adoption across the sector.
Galaxy Ventures led the round, joined by Coinbase Ventures, Founders Fund, Paxos, VanEck, and others, according to a company statement.
Ubyx wants to tackle fragmentation in the stablecoin market, where each issuer must currently develop its own infrastructure to convert stablecoins into traditional bank or fintech account balances—a process the firm calls costly and inefficient.
Instead, Ubyx proposes a common clearing platform that would enable stablecoins from different issuers to be redeemed at face value, removing the need for individual distribution systems.
“Ubyx enables a pluralistic market structure with multiple issuers, multiple blockchains, and multiple currencies in a global, interoperable network,” McLaughlin said.
The platform has already partnered with issuers including Ripple, Paxos, Transfero, and Monerium. It plans to offer redemption services through regulated financial institutions while incorporating compliance measures like anti-money laundering and know-your-customer checks.
The system is scheduled to launch later this year, supporting more than a dozen blockchains such as Solana, Arbitrum, and the XRP Ledger.
The fundraise comes as stablecoins edge closer to becoming the “money rail of the internet,” according to Bernstein, especially as U.S. legislation progresses. Retail giants like Walmart and Amazon are reportedly exploring stablecoin issuance, while major U.S. banks consider launching joint stablecoin projects to compete with the growing crypto ecosystem.
