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Peter Thiel’s Founder’s Fund and other investors invested $10 million in seeding funding for Ubyx.
Ubyx aims to solve the friction for stablecoin payments and increase its adoption.
Seeding round
Tony McLaughlin is the CEO and founder of Ubyx. McLaughlin is a Citigroup veteran who has worked in the company for two decades.
Galaxy Venture was the leading participant in the seeding round.
Coinbase Ventures, Paxos, VanEck, Mirana Ventures, LayerZero, Paxos, Boku, Payoneer, and Monerium also participated in the investment round.
A clearing system for stablecoins
Ubyx is looking to build a clearing system to connect stablecoin issuers with banks and fintechs.
This will reduce the friction for users looking to use stablecoin for payment.
The $260 billion stablecoin industry is currently held back by a lack of compatibility between different issuers and blockchain networks.
This fragmentation slows down stablecoins’ adoption in the wider payment ecosystem.
McLaughlin said the company will build a global acceptance network for stablecoins similar to how Visa and Mastercard work for credit cards.
“The smallest bank in the world can issue a Visa card because they don’t have to build their own acceptance network,” he said. “This would enable people to take stablecoins to a bank and for the bank to give them credit for the equivalent in their account.”
Ubyx aims to build a platform that has global acceptance, provides cash equivalence, and singleness of money, and provides redemption through a regulated channel with AML, KYC, fraud, and sanctions screening.
Singleness of money means that all the money in an economy should be pegged at equal value and can be interchanged at the same value.
He added that the issuers joining Ubyx’s network will need to make their tokens mutually redeemable and have a common rulebook.
For example, it will only allow access to regulated users from jurisdictions that are deemed safe.
The joining members need to do compliance checks, and issuers would need to hold money in pre-funded accounts with Ubyx, he added.
Stablecoins are cryptocurrencies whose values are pegged to a standard currency like the US dollar.
Ubyx to support multiple blockchains and payment methods
The company is aiming to launch in Q4 2025. Ubyx will support blockchains like Solana, Base, Canton, and the XRP Ledger.
It has also teamed up with stablecoin issuers like Paxos, Ripple, and AllUnity. It is also partnered with several large crypto wallets and technology providers.
McLaughlin said, “Ubyx represents the coming of age of stablecoins as the industry self-organises to deliver stablecoin ubiquity. Ubyx enables a pluralistic market structure with multiple issuers, multiple blockchains, and multiple currencies in a global, interoperable network. The future of payments is stablecoin native.”
He added that Ubyx will accept other forms of digital payment, such as central bank digital currencies and tokenized deposits.
Ubyx will also raise more funding from banks and fintechs after going live, allowing them to integrate into its platform, McLaughlin said.
As the US Senate is planning to vote on the GENIUS Act, which will establish regulations for Stablecoins, the adoption of stablecoins is expected to increase.
Earelir, Amazon and Walmart were reportedly looking to issue their own stablecoins.
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