Funding Details
The investment was led by Galaxy Ventures, with additional backing from Coinbase Ventures, Founders Fund, VanEck, Mirana Ventures, LayerZero, Paxos, Boku, Payoneer, and Monerium.
Upcoming Plans and Support for Blockchain Networks
Ubyx plans to launch its services in the fourth quarter of 2025. According to company officials, this marks the beginning of a broader rollout that will support multiple currencies and transition gradually towards decentralized governance and infrastructure. The platform is designed to operate across various blockchain networks, including Aptos, Arbitrum, Avalanche, Base, Canton, Concordium, Hedera, Polygon, Solana, Starknet, Stellar, Sui, XDC, XRP Ledger, and ZKSync.
Facilitating Redemption and Interoperability
Ubyx provides a mutual clearing system to simplify the redemption process for financial institutions and fintechs. The platform connects stablecoin issuers with banks and payment providers, standardizing the redemption process to meet existing accounting norms as cash equivalents.
The company notes that this addresses several key limitations in the current stablecoin market structure, such as expensive distribution models and regulatory barriers that prevent traditional institutions from using stablecoins in treasury operations.
Participating Stablecoin Issuers
Expected to integrate with Ubyx are Paxos, Ripple, Agora, Transfero, Monerium, GMO Trust, BiLira, Juno (a Bitso company), Brale, Minteo, Tokenised GBP, Avenia, Agant, AllUnity, and Eurodollar.
Investor Perspectives
Participants in the seed round highlighted Ubyx’s potential to enhance interoperability among stablecoins. Galaxy Ventures noted that the model could align with traditional payment networks, suggesting that stablecoins will only gain widespread acceptance when they can be used across multiple systems through a common framework.
Similarly, Coinbase Ventures pointed out the transformative impact of open, public networks on payments similar to how the internet revolutionized communication. Founders Fund sees Ubyx’s clearing system as essential in a regulatory landscape where stablecoins are becoming more prevalent and diverse.