Key Takeaways
- Tony McLaughlin, a 20-year Citigroup veteran, has launched Ubyx, a fintech startup focused on stablecoin integration.
- The firm raised $10 million in seed funding, led by Galaxy Ventures and with participation from Peter Thiel’s Founders Fund, Coinbase, Paxos, and VanEck.
- Ubyx plans to offer an interoperable acceptance layer, enabling banks and fintechs to support stablecoin payments easily.
While the stablecoin market balloons and traditional finance circles cautiously closer to digital assets, one fintech startup is betting that what’s missing isn’t innovation, but connection.
With heavyweight backing from some of the biggest names in crypto venture capital, Ubyx wants to become the bridge between blockchain-based money and the legacy banking system it aims to complement, not replace.
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Ubyx Secures $10M to Bridge Stablecoin and Banking Ecosystems
Tony McLaughlin, a former Citigroup executive with over 20 years at the bank, has launched Ubyx Inc., a fintech startup that just raised $10 million in seed funding.
Galaxy Ventures led the round and drew support from major investors, including Pieter Thiel‘s Founders Fund, Coinbase Ventures, Paxos, and VanEck.
Ubyx is developing infrastructure to streamline the integration of stablecoins with traditional financial institutions.
As stablecoins expand into a $260 billion industry, the lack of compatibility across issuers and blockchain networks remains a key hurdle.
Ubyx aims to reduce these inefficiencies and enable smoother use of stablecoins in everyday payments.
Launching Visa-Style Network for Stablecoin Interoperability
Ubyx’s vision is to create a universal acceptance layer for stablecoins. This would mirror how Visa and Mastercard facilitate credit card payments globally.
“Banks shouldn’t have to build their systems to support stablecoins,” said McLaughlin.
“We want to make it as easy as issuing a card,” he added.
Participants in the Ubyx network will follow a standardized framework. Only regulated issuers from approved jurisdictions can join, and all members must comply with KYC and pre-funding requirements to ensure trust and liquidity.
The tokens will be interchangeable across network members.
The platform, which supports blockchain networks such as Solana, Base, Canton, and XRP Ledger, is targeting a launch by the end of the year.
Ubyx has already secured partnerships with key stablecoin issuers like Ripple, Paxos, and AllUnity and signed contracts with several leading wallet and infrastructure providers.
In the future, Ubyx plans to support tokenized bank deposits and central bank digital currencies (CBDCs). It will also invite banks and fintech to invest in and co-own the network.
Thiel’s Latest Venture in Crypto
Peter Thiel is making several moves in crypto. Last week, Bullish, the exchange he backs, filed for a U.S. IPO. Jefferies is expected to lead the offering.
The filing marks Bullish’s second attempt at going public after a 2021 SPAC deal fell through due to market conditions.
Founded in 2021, Bullish is a blockchain-based exchange led by former NYSE President Tom Farley.
Brendan Blumer launched it through Block.one, which famously raised $4 billion in a 2018 ICO. He later settled with the SEC for $24 million.
Thiel, Alan Howard, Louis Bacon, and Richard Li initially backed it with $10 billion in assets and funding.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
