Ubyx, a stablecoin clearing platform, has raised $10 million in a seed funding round led by Galaxy Ventures. Other investors include Coinbase Ventures, Founders Fund, VanEck, Mirana Ventures, LayerZero, Paxos, Boku, Payoneer, and Monerium.
Ubyx provides a regulated system that allows banks and fintech companies to redeem multiple types of stablecoins at face value.
The system connects stablecoin issuers with receiving institutions and is designed to support stablecoin redemption for fiat without price fluctuations. Participating stablecoin issuers include Paxos, Ripple, Agora, Transfero, Monerium, GMO Trust, BiLira, Juno (Bitso), Brale, Minteo, Tokenised GBP, Avenia, Agant, AllUnity, and Eurodollar.
Ubyx will support multiple blockchain networks such as Aptos, Arbitrum, Avalanche, Base, Canton, Concordium, Hedera, Polygon, Solana, Starknet, Stellar, Sui, XDC, XRP Ledger, and ZKsync. This broad compatibility aims to support stablecoin use across public blockchain infrastructures in the traditional financial (TradFi) sector.
The platform is working with a number of technology providers, including Axelar, BitGo, Chainalysis, Copper, Fireblocks, GK8 by Galaxy, IntellectEU, Kaleido, TRM Labs, and Zodia Custody. These partners will supply tools such as secure wallets and blockchain analytics to assist financial institutions in adopting the system.
Ubyx plans to launch operations in Q4 2025. The company also intends to gradually decentralize its governance and technology. The Ubyx Association is open to financial institutions, regulators, and industry stakeholders who wish to collaborate on stablecoin-related strategies and infrastructure.
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