Ubyx Inc. has closed a $10 million seed round to build the clearing system for tokenized money, creating a network that connects stablecoin issuers, banks, and blockchains for seamless redemption at par value.
The round was led by Galaxy Ventures, with participation from Coinbase Ventures, Founders Fund, VanEck, and Mirana Ventures.
What makes this round exceptional is the breadth of the coalition assembled around Ubyx's vision. The network launch includes:
15 Stablecoin Issuers: Paxos, Ripple, Agora, Transfero, Monerium, GMO Trust, BiLira, Juno (Bitso), Brale, Minteo, Tokenised GBP, Avenia, Agant, AllUnity, and Eurodollar.
15 Blockchains: Aptos, Arbitrum, Avalanche, Base, Canton, Concordium, Hedera, Polygon, Solana, Starknet, Stellar, Sui, XDC, XRP Ledger, and ZKsync.
18 Scaling Partners: Axelar, BitGo, Chainalysis, Chavanette Advisors, Copper, DFNS, Digital Asset, Fireblocks, GK8 by Galaxy, IntellectEU, Kaleido, LayerZero, Silence Labs, Taurus, TRM Labs, Utila, Zodia Custody, and Zuehlke.
"Tokenized money can already move instantly across borders and blockchains. What it cannot do reliably is convert back to spendable cash at par value," said Tony McLaughlin, CEO and Founder of Ubyx. "That is the clearing problem we are solving."
Ubyx operates as a collection model rather than a sale model. Instead of selling stablecoins into an exchange order book at variable prices, participants deposit tokenized money at a receiving institution for collection at full par value, much like the cheque clearing systems that have underpinned banking for centuries.