Ubyx raises $10M to Standardize Stablecoin Redemption
Ubyx has closed a $10 million seed funding round led by Galaxy Ventures, with participation from Coinbase Ventures, Founders Fund, VanEck, and Paxos. The platform aims to enhance stablecoin adoption by enabling redemption at face value for fiat currency, targeting a launch in Q4 2025. Ubyx will facilitate direct stablecoin redemption for regulated banks and fintechs, addressing current market fragmentation and interoperability issues. The service seeks to allow institutions to treat stablecoin holdings as cash equivalents. Ubyx plans to support multiple blockchains, including Aptos, Solana, and Polygon, and has partnered with infrastructure firms like BitGo and Chainalysis. Rising transaction volumes in the stablecoin sector highlight the growing demand for such services.
