Ubyx raises $10M to build global stablecoin network as senate advances GENIUS Act

Ubyx Inc., a stablecoin infrastructure startup led by former Citigroup exec, has secured $10 million in seed funding from major backers including Galaxy Ventures and Peter Thiel’s Founders Fund.

Ubyx Inc., a stablecoin infrastructure startup founded by Citigroup executive Tony McLaughlin, has raised $10 million in seed funding to build a global clearing system for digital money, Bloomberg reported. The round was led by Galaxy Ventures and included participation from Peter Thiel’s Founders Fund, Coinbase Ventures, Paxos, VanEck, and others. Following the funding, the company plans to expand its partnerships and prepare for a full network launch by the end of the year.

Ubyx’s mission is to solve the growing fragmentation of the stablecoin market, where multiple issuers and incompatible blockchains have created barriers to adoption. To this end, Ubyx aims to establish a unified acceptance network, similar to how Visa or Mastercard operate for card payments, allowing even small banks to issue and accept stablecoins without needing to build infrastructure.

“This would enable people to take stablecoins to a bank and for the bank to give them credit for the equivalent in their account,” explained McLaughlin.

Ubyx will support several blockchains including Solana, Base, Canton, and the XRP Ledger, and will also allow other digital money formats such as tokenized deposits and central bank digital currencies.

The startup launches at a pivotal moment for stablecoins, as the U.S. Senate considers new legislation to regulate the sector. The GENIUS Act, which would establish the first national framework for stablecoin oversight, is scheduled for U.S. senate vote today, June 17.

Moreover, Circle, the issuer of the second-largest stablecoin by market cap, recently went public through a successful initial public offering. Inspired by Circle’s success, experts predict a surge of new stablecoin issuers — including major tech firms — entering the space. This highlights the urgent need for a unified infrastructure, which Ubex aims to deliver.

“For stablecoins to truly scale, the world needs an interoperable acceptance network that connects issuers with regulated financial institutions,” said Galaxy Digital CEO Michael Novogratz.