Ubyx Secures $10M to Standardize Stablecoin Redemption
Ubyx, a cryptocurrency startup, has raised $10 million in seed funding to standardize stablecoin redemption. The funding round was led by Galaxy Ventures, with participation from Coinbase Ventures, Founders Fund, VanEck, and Paxos. The company plans to launch its platform in Q4 2025, aiming to simplify stablecoin transactions across financial ecosystems.
Solving Stablecoin Market Fragmentation
The stablecoin market currently faces several challenges:
- Lack of interoperability between different stablecoins
- Separate redemption processes for each issuer
- Higher transaction costs due to fragmented systems
Ubyx addresses these issues by creating a unified clearing system that connects stablecoin issuers with financial institutions.
Connecting Crypto and Traditional Finance
Ubyx enables stablecoin redemption at face value directly into bank accounts. This integration offers several benefits:
- Simplified accounting treatment for stablecoin holdings
- Reduced friction in stablecoin transactions
- Greater accessibility for mainstream financial users
Multi-Chain Compatibility
The platform will support numerous blockchains at launch, including:
- Aptos
- Arbitrum
- Avalanche
- Base
- Solana
This broad compatibility ensures wide accessibility across different crypto ecosystems.
Strategic Partnerships and Market Potential
Ubyx has formed partnerships with industry leaders including Paxos, Ripple, BitGo, and Chainalysis. These collaborations position the platform as a potential standard for stablecoin transactions. The timing appears favorable, as stablecoin transaction volumes have significantly outpaced traditional payment processors in recent years.
