The round was led by Galaxy Ventures, with additional backing from Coinbase Ventures, Founders Fund, VanEck, Mirana Ventures, LayerZero, Paxos, Boku, Payoneer, and Monerium.
The company plans to launch live operations in the final quarter of 2025. According to Ubyx officials, this will mark the beginning of a general rollout including support for more currencies and a gradual shift towards decentralised governance and infrastructure. The platform is designed to operate across a wide range of blockchain networks, including Aptos, Arbitrum, Avalanche, Base, Canton, Concordium, Hedera, Polygon, Solana, Starknet, Stellar, Sui, XDC, XRP Ledger, and ZKsync.
Ubyx offers a mutual clearing system intended to simplify the process by which financial institutions and fintechs redeem various stablecoins into fiat. The platform connects stablecoin issuers with banks and payment providers, standardising the redemption process to support treatment as cash equivalents under existing accounting norms.
Officials from Ubyx said the platform addresses a number of limitations in the current stablecoin market structure, including costly distribution models and regulatory hurdles that prevent traditional institutions from holding stablecoins as part of their treasury operations.
Stablecoin issuers expected to integrate with the platform include Paxos, Ripple, Agora, Transfero, Monerium, GMO Trust, BiLira, Juno (a Bitso company), Brale, Minteo, Tokenised GBP, Avenia, Agant, AllUnity, and Eurodollar.
Industry representatives who contributed to the seed round noted the role Ubyx could play in advancing interoperability among stablecoins. A representative from Galaxy Ventures commented that the model aims to mirror how traditional payment networks operate, arguing that stablecoins will only become widely used once they can be accepted across multiple systems through a common framework.
Coinbase Ventures, another investor in the round, noted that open, public networks could have a similar transformative effect on payments as the internet had on communication. Founders Fund officials said they view Ubyx’s clearing system as a necessary component in a regulatory environment where stablecoins are becoming more prominent and diversified.
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