- Ubyx raised $10 million in seed funding led by Galaxy Ventures.
- The company’s platform aims to make moving money between bank accounts and stablecoins easier, especially for businesses handling cross-border payments.
- Backers include Founders Fund, stablecoin issuer Paxos, and Payoneer.
- Ubyx was founded by a former Citi executive and targets a launch in the fourth quarter of 2025.
- Key partners signed on include Paxos, Ripple, and other leading stablecoin players, but industry giants Circle and Tether are not yet partners.
Ubyx, a fintech startup, announced a $10 million seed funding round led by Galaxy Ventures, with participation from investors such as Founders Fund, stablecoin issuer Paxos, and Payoneer. Ubyx is developing a platform that will allow users to move funds between bank accounts and stablecoins, addressing a challenge for companies needing to manage stablecoins for international payments.
The company reported that multiple investors joined the seed round. According to Ubyx, its platform will enable easier conversion and management of stablecoins, which are digital currencies designed to maintain a stable value by being pegged to assets like the U.S. dollar.
Many businesses want to use stablecoins for cross-border transactions, but handling the accounting for these digital assets on balance sheets can be difficult. Ubyx plans to close this gap by offering a unified clearing system for various types of stablecoins. While some major stablecoin issuers, such as Circle, have created their own payment networks, most issuers do not have that same capability. Ubyx aims to provide a distribution and redemption service that includes a wide range of digital tokens.
Current partners include Paxos, Ripple, Agora, Transfero, Monerium, GMO Trust, BiLira, Juno (a Bitso company), Brale, Minteo, Tokenised GBP, Avenia, Agant, AllUnity, and Eurodollar. However, industry leaders Circle and Tether are not participants, though partners may be added as the project develops.
Ubyx began public operations in March, following the completion of gardening leave by founder Tony McLaughlin, a former executive at Citi. McLaughlin designed the Regulated Liability Network, a unified platform combining central bank digital currencies (CBDCs), tokenized deposits, and regulated stablecoins. McLaughlin expects fewer regulatory obstacles to stablecoin growth after recent political changes in the United States.
Investors have signaled confidence in Ubyx‘s strategy. “Stablecoins become ubiquitous when there is a shared acceptance network, just like cards. Traditional banks and fintechs should provide wallets to accept a wide range of regulated stablecoins on many public-permissionless blockchains,” said Mike Giampapa, General Partner at Galaxy Ventures.
The company is preparing to launch in Q4 2025, working with several industry partners like BitGo, Copper, dfns, Fireblocks, GK8 by Galaxy, Taurus (for custody and wallets), Axelar, and LayerZero (for blockchain interoperability), as well as blockchain analytics firms Chainalysis and TRM Labs. Other technology and consulting partners include Digital Asset, IntellectEU, Kaleido, Chavenette Advisors, and Zuehlke.
For more information about Ubyx, visit the company’s official website.
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