Ubyx Bets $10M on a Unified Future for Stablecoins
June 17, 2025
For Tony McLaughlin, former Citigroup executive and founder of Ubyx, the future of stablecoins lies in breaking down barriers. And now, with $10 million in fresh seed funding, his London-based startup plans to do just that.
Galaxy Ventures led the round, with participation from Coinbase Ventures, Founders Fund, Paxos, VanEck, and others—a sign of strong industry belief in the need for a better infrastructure layer in stablecoins.
At the moment, stablecoin issuers must individually build expensive off-ramp systems to convert digital tokens into bank or fintech balances. It’s an approach McLaughlin believes fragments the market and stifles adoption.
Ubyx’s vision is a unified clearing system, where stablecoins from different issuers can be seamlessly redeemed at face value into bank or fintech accounts. Think of it like smaller banks issuing Visa cards without needing to create their own global merchant networks. Ubyx wants any bank to accept and redeem any compliant stablecoin without costly custom integrations.
This shared infrastructure, McLaughlin argues, could also help stablecoins qualify as cash equivalents under accounting standards—a vital step for institutional investors.
Ripple, Paxos, Transfero, and Monerium are among the issuers already on board. The Ubyx system will operate through regulated financial institutions and embed compliance checks such as anti-money laundering and know-your-customer protocols.
A launch is slated for later this year, supporting more than a dozen blockchains, including Solana, Arbitrum, and the XRP Ledger.
The funding arrives as stablecoins gain momentum as a crucial financial tool. Analysts at Bernstein describe them as on the path to becoming the “money rail of the internet.” Meanwhile, giants like Walmart and Amazon are rumored to be exploring their own stablecoins, and major U.S. banks are weighing collaborative stablecoin projects to keep pace with crypto innovation.
Share this content:
