UBYX, a new Stablecoin clearing platform designed to start adopting StableCoin by redeeming surface value, has shut down $10 million seed funding backed by several major crypto investors.
According to Tuesday announcement. The startup plans to launch its platform in the fourth quarter of 2025.
The service will allow regulated banks and fintech to directly redeem stable stabilizers to achieve standard value, aiming to reduce friction in stable use and encourage wider adoption.
UBYX Partners include Stablecoin issuer Paxos and financial services-oriented blockchain ripple, as well as other players in the financial services and crypto infrastructure sectors.
“Stablecoins are everywhere when there is a shared acceptance network,” said Mike Giampapa, general partner at Galaxy Ventures.
Cointelegraph contacted UBYX for comment, but received no response at the time of publication.
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Clearing system responds to market rupture
UBYX claims the current Stablecoin market faces obstacles to mass adoption, and the current Stablecoin Onchain and Offchain Setups are a limiting factor. Different Stablecoin issuers have established distribution networks, which lead to increased costs and lack of interoperability.
Institutions cannot currently consider Stablecoin holdings as cash equivalent on their balance sheet. UBYX said its Stablecoin clearing system addresses these issues by connecting multiple issuers to multiple receivers.
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Intertwined traditional finance and stable
UBYX’s goal is to incorporate stablecoins into traditional finance by “allowing stable fiats to exchange for existing bank and fintech accounts.” The move is designed to reduce market breakdowns and standardize redemptions, which means supporting cash-equivalent accounting treatments.
“Just just as the internet has changed the way we communicate, Stablecoins on public networks can change the way we pay,” said Shan Aggarwal, vice president of corporate and business development at Coinbase Ventures.
Daren Matsuoka, a data scientist at A16Z Crypto, said the announcement is 19.4 times the value of the 19.4 times the increase in transaction volume in the Stablecoin space.
UBYX founder and CEO Tony McLaughlin said the service allows for a market structure with multiple Stablecoin issuers who rely on many blockchains and currencies to run on a network.
UBYX will initially support multiple blockchains, including Aptos, Dioncom, Avalanche, Base, Canton, Concordium, Hedera, Polygon, Polygon, Solana, Starknet, Starknet, Stallar, Sui, Sui, XDC, XRPL and Zksync.
The company is also launching with critical infrastructure partners, including Bitgo, Copper, Chain Analytics and Fireblocks.
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