Ubyx Inc. Scores $10M Seed Funding to Revolutionize Stablecoin Infrastructure

Former Citigroup Exec Leads Charge with Backing from Galaxy Ventures and Peter Thiel’s Founders Fund

Ubyx Inc., the brainchild of ex-Citigroup hotshot Tony McLaughlin, just landed a cool $10 million in seed funding. Heavy hitters like Galaxy Ventures and Peter Thiel's Founders Fund are in on the action, along with Coinbase Ventures, Paxos, VanEck, and more. This cash infusion is set to fuel Ubyx's mission to build a game-changing global clearing system for digital cash. And get this—they're gunning for a full network launch by year's end!

Ubyx Tackles Stablecoin Fragmentation Head-On

The stablecoin world is a mess of issuers and blockchains that don't play nice together, stifling adoption. But Ubyx is here to fix that, aiming to create a unified acceptance network that's as smooth as Visa or Mastercard. They want to empower even the tiniest banks to jump into the stablecoin game without breaking a sweat over infrastructure.

"Imagine walking into your bank with stablecoins and bam—they credit your account with the equivalent cash," McLaughlin tells us. That's the dream Ubyx is chasing.

And they're not messing around. Ubyx will support big-name blockchains like Solana, Base, Canton, and the XRP Ledger, plus they're throwing open the doors to other digital money formats like tokenized deposits and central bank digital currencies.

Launching Amidst a Pivotal Moment for Stablecoins

Ubyx's timing couldn't be more electric. The U.S. Senate is on the brink of voting on the GENIUS Act today, June 17, which could shake up the stablecoin scene with the first national oversight framework.

Meanwhile, Circle, the powerhouse behind the second-biggest stablecoin, just crushed its IPO. Industry experts are buzzing, predicting a flood of new stablecoin players—even big tech firms might jump in. And with all these new kids on the block, the need for a solid, unified infrastructure like Ubyx's is more urgent than ever.

"For stablecoins to really take off, we need a seamless network that connects issuers with legit financial institutions," Galaxy Digital CEO Michael Novogratz drops the mic. Ubyx is ready to make that happen.