Ubyx Raises $10M to Tackle Stablecoin Fragmentation With Global Clearing System

Ubyx, a London-based startup founded by former Citigroup executive Tony McLaughlin, has secured $10 million in seed funding to develop a global clearing system designed to ease stablecoin adoption.

The funding round was led by Galaxy Ventures, with additional backing from Coinbase Ventures, Founders Fund, Paxos, VanEck, and others, according to a company statement.

At the heart of Ubyx’s mission is solving a persistent challenge in the stablecoin sector: fragmentation. Currently, each stablecoin issuer is forced to build its own infrastructure for converting tokens into traditional bank or fintech accounts—a costly and inefficient process.

Ubyx proposes a unified clearing system that would allow stablecoins from multiple issuers to be redeemed at face value into bank or fintech accounts, eliminating the need for individual issuers to create separate distribution networks.

Drawing a parallel to how small banks can issue Visa cards without constructing their own merchant networks, Ubyx envisions a future where any bank can accept and redeem any compliant stablecoin seamlessly.

This model, the company believes, could help stablecoins achieve accounting treatment as cash equivalents—a critical step toward broader institutional adoption.

“Ubyx enables a pluralistic market structure with multiple issuers, multiple blockchains, and multiple currencies in a global, interoperable network,” said McLaughlin, Ubyx’s founder and CEO.

Notable stablecoin issuers already partnered with Ubyx include Ripple, Paxos, Transfero, and Monerium.

The platform will support redemption through regulated financial institutions and incorporate compliance measures such as anti-money laundering (AML) and know-your-customer (KYC) checks. Ubyx plans to go live later this year, initially supporting over a dozen blockchains, including Solana, Arbitrum, and the XRP Ledger.

Ubyx’s raise comes as the stablecoin landscape undergoes rapid change. Research from Bernstein describes stablecoins as poised to become the “money rail of the internet,” especially as significant U.S. stablecoin legislation advances through Congress.

Meanwhile, major corporations like Walmart and Amazon are reportedly exploring the launch of their own stablecoins, and several leading U.S. banks are considering a joint stablecoin initiative to compete with growing crypto alternatives.