Stablecoin startup Ubyx completes $10 million seed round led by Galaxy Ventures

PANews reported on June 17 that according to Bloomberg, Ubyx, a stablecoin startup founded by former Citigroup executive Tony McLaughlin, has completed a $10 million seed round of financing, led by Galaxy Ventures, with participation from Founders Fund, Coinbase Ventures, Paxos and VanEck. The company is committed to building a clearing system that connects stablecoin issuers with banks and fintech companies to solve interoperability issues in payment scenarios.

Ubyx plans to establish a global stablecoin acceptance network similar to Visa and MasterCard, so that stablecoins issued by various institutions can be circulated across platforms. Its system will support blockchains such as Solana, Base, Canton and XRP Ledger, and has reached cooperation with stablecoin issuers such as Paxos and Ripple. The network is expected to be launched at the end of the year, and will also be compatible with other digital asset forms such as central bank digital currencies in the future.