Ubyx, a Stablecoin Clearing Startup, Lands $10M Investment From Galaxy, Coinbase, and Additional Backers

Ubyx Secures $10M to Build Unified Stablecoin Clearing Network

Ubyx, a London-based fintech startup founded by former Citigroup executive Tony McLaughlin, has raised $10 million in seed funding to develop a global stablecoin clearing system aimed at driving adoption in the digital asset space.

The round was led by Galaxy Ventures and included investments from Coinbase Ventures, Founders Fund, Paxos, VanEck, and several other notable backers, the company announced on Tuesday.

Ubyx is targeting a long-standing challenge in the stablecoin market: fragmentation. At present, each stablecoin issuer is forced to create its own off-ramp infrastructure to convert digital tokens into bank or fintech account balances—a process that is both expensive and inefficient.

The startup’s solution is a shared clearing system that would enable stablecoins from various issuers to be redeemed at face value into bank or fintech accounts. By removing the burden of building bespoke distribution networks, Ubyx believes it can streamline stablecoin transactions and reduce market fragmentation.

“Just as small banks can issue Visa cards without having to build a global merchant network, Ubyx wants any bank to be able to accept and redeem any compliant stablecoin,” said McLaughlin, who serves as the company’s CEO.

Such an approach could also help stablecoins achieve the necessary regulatory treatment as cash equivalents—an important milestone for wider institutional use.

Ubyx has already secured partnerships with stablecoin issuers including Ripple, Paxos, Transfero, and Monerium.

The platform plans to offer redemptions through regulated financial institutions, incorporating compliance processes like anti-money laundering (AML) and know-your-customer (KYC) checks. Ubyx aims to launch later this year and initially support over a dozen blockchains, including Solana, Arbitrum, and the XRP Ledger.

The fundraise comes amid growing momentum for stablecoins, which research firm Bernstein recently described as evolving into the “money rail of the internet.” Meanwhile, major corporations like Walmart and Amazon are reportedly exploring the issuance of their own stablecoins, and U.S. banks are considering joint efforts to launch stablecoin products to counter competition from the crypto industry.