Ubyx’s $10M Bet: The Future of Stablecoins or Just Another Digital Mirage?

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Ah, Ubyx Inc., that audacious little startup, has just pocketed a cool $10 million in seed funding, courtesy of some rather illustrious backers, including the ever-astute Galaxy Ventures and the enigmatic Peter Thiel’s Founders Fund. One can only imagine the celebratory confetti raining down in their offices, perhaps made of digital currency notes? 🎉

Founded by the illustrious Tony McLaughlin, a former Citigroup executive, Ubyx is on a quest to construct a global clearing system for digital money. Bloomberg, that ever-watchful hawk, reported this delightful news. With a funding round that reads like a who’s who of the financial elite—Coinbase Ventures, Paxos, VanEck, and others—Ubyx is gearing up to expand its partnerships and prepare for a full network launch by year’s end. One can only hope they have a good Wi-Fi connection! 📶

Now, Ubyx’s mission is as noble as it is ambitious: to untangle the chaotic web of the stablecoin market, where a multitude of issuers and incompatible blockchains frolic like children in a candy store. They aspire to create a unified acceptance network, akin to the grand empires of Visa or Mastercard, allowing even the tiniest of banks to issue and accept stablecoins without the headache of building their own infrastructure. Because who has time for that? 😅

“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, as if he were unveiling the secrets of the universe.

Ubyx plans to support a veritable smorgasbord of blockchains, including Solana, Base, Canton, and the XRP Ledger, while also embracing other digital money formats like tokenized deposits and central bank digital currencies. It’s a digital buffet, and everyone’s invited! 🍽️

Launching at a time when the U.S. Senate is contemplating new legislation to regulate the sector, Ubyx couldn’t have picked a more dramatic moment. The GENIUS Act, which aims to establish the first national framework for stablecoin oversight, is set for a vote today, June 17. Will it pass? Will it crash and burn? Stay tuned! 🎭

Moreover, Circle, the issuer of the second-largest stablecoin by market cap, has recently gone public through a successful initial public offering. Inspired by Circle’s triumph, experts are predicting a veritable flood of new stablecoin issuers—perhaps even major tech firms—entering the fray. This only underscores the urgent need for a unified infrastructure, which Ubyx is determined to deliver. Or at least, they hope to! 🤞

“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, as if he were delivering a TED Talk on the future of money.

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2025-06-17 15:42