Ubyx Raises $10M to Build Stablecoin Clearing Network

Last updated on June 24th, 2025 at 11:05 am

Ubyx, a stablecoin clearing platform founded by payments industry veteran Tony McLaughlin, has raised $10 million in seed funding to accelerate global stablecoin adoption across traditional finance.

The round was led by Galaxy Ventures, with participation from Coinbase Ventures, Founders Fund, VanEck, Mirana Ventures, LayerZero, Paxos, Payoneer, and several others.

This funding will fuel Ubyx’s mission to resolve critical inefficiencies in the current stablecoin ecosystem. At present, redemption processes are fragmented, and institutional adoption is limited due to unclear accounting standards and regulatory hurdles. Ubyx addresses these challenges by offering a clearing infrastructure that links multiple stablecoin issuers with banks and fintechs, enabling redemptions at face value directly into fiat accounts.

New from Galaxy Ventures: We’re leading the $10M seed round for @ubyx_, the stablecoin clearing system transforming digital finance.
Ubyx enables regulated banks and fintechs to redeem stablecoins at face value. Here’s why that matters 🧵 pic.twitter.com/H6Ck4FVQou
— Galaxy (@galaxyhq) June 17, 2025

To streamline interoperability, the platform introduces a mutual redemption network. This network enables financial institutions to treat stablecoins as cash equivalents while maintaining compliance with relevant standards. Ubyx incorporates built-in tools for AML, KYC, fraud prevention, and sanctions screening, making it suitable for regulated financial environments.

The initiative has already attracted a wide range of participating stablecoin issuers, including Paxos, Ripple, Agora, Transfero, Monerium, BiLira, and Eurodollar. Ubyx will operate across major public blockchains, including Solana, Arbitrum, Polygon, Hedera, XRP Ledger, and ZKsync, thereby enhancing its reach and flexibility.

Commenting on the platform’s potential, Mike Giampapa of Galaxy Ventures likened Ubyx to the card networks that enabled global payments, noting that shared infrastructure is key to the ubiquity of stablecoins. Similarly, Coinbase’s Shan Aggarwal called Ubyx a foundational building block in the evolution of digital payments.

Ubyx is expected to launch in Q4 2025. Early infrastructure partners include Fireblocks, BitGo, Chainalysis, TRM Labs, and Zodia Custody, who will help provide compliance, custody, and analytics services.

As regulatory clarity grows and stablecoin usage expands, Ubyx’s model aligns with a broader trend. A new report from HTX Ventures highlights how stablecoins are beginning to form a parallel U.S. dollar-based financial system—one poised to reshape global payments infrastructure.

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