Bridget
Bridget
USDG-0.01%
We at @FoundersFund are happy to share our investment into @ubyx_, which we believe is a critical piece of infrastructure for the stablecoin stack [more on why we invested below]
Gallery 1
Ubyx
Ubyx
Two months ago, we released the Ubyx Whitepaper. Today, we announce a $10M seed round led by Galaxy Ventures, with participation from Coinbase Ventures, Founders Fund, VanEck, and industry stakeholders to deliver the global clearing system that will unlock stablecoin ubiquity.
Gallery 1
As regulation solidifies (GENIUS stablecoin act coming to a final vote soon), many new US-based stablecoins have been launching (USDG, USDB, potentially Walmart/Amazon one, etc ...) — with only more to come.
With this influx of new stablecoins coming, a clearinghouse product becomes necessary to make these assets interoperable and able to be simply redeemed in the same way checks are.
The many-to-many problem, assuming there are 100s of regulated US stablecoins, is very real and there will need to be some sort of widely accepted, structured protocol to make them fungible with each other. Ubyx addresses the 'singleness of money' question around stablecoins.
Before starting Ubyx, Tony (@stablemaximus) spent 20 years at Citi heading up their emerging payments and business development arm, and has always been a stablecoin maxi.
We're proud to be backing Tony & the team at Ubyx as they build the infrastructure to make stablecoin acceptance universal. More here:
Show original
Sourced fromtwitter
305
99.79K
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.