Ubyx Secures $10 Million for Global Stablecoin Clearing System
Ubyx, founded by ex-Citigroup executive Tony McLaughlin, has raised $10 million to develop a global stablecoin clearing system. The funding round was led by Galaxy Ventures, with support from Coinbase Ventures, Founders Fund, Paxos, and VanEck.
- The system aims to address market fragmentation in the stablecoin sector.
- Ubyx intends to create a common clearing system for stablecoins, allowing redemption at face value into bank or fintech accounts.
- This infrastructure would enable any bank to accept and redeem compliant stablecoins without building their own distribution networks.
- It could facilitate stablecoins being treated as cash equivalents, aiding institutional adoption.
- Issuers onboarded include Ripple, Paxos, Transfero, and Monerium.
- The system will comply with regulations, including anti-money laundering and know your customer checks.
- Launch is expected later this year, supporting over a dozen blockchains such as Solana and XRP Ledger.
This development follows upcoming U.S. legislation that may enhance the role of stablecoins in digital finance, while major companies like Walmart and Amazon explore issuing their own stablecoins.