Ubyx announced a $10 million seed funding round led by Galaxy Ventures. Other backers in the round include Founders Fund, stablecoin issuer Paxos, Payoneer and others. Ubyx aims to provide a clearing system enabling anyone to easily on and off-ramp between bank accounts and stablecoins. This is a particular issue for corporates that want to use stablecoins for cross border payments, but might find the accounting for holding them on their balance sheet tricky. This challenge has created opportunities for infrastructure providers to fill the gap. While the likes of stablecoin issuer Circle has the scale to build its own Circle Payments Network, not all stablecoin issuers have that luxury. Plus, numerous other stablecoin infrastructure startups are also duplicating effort in building their own distribution. Ubyx aims to provide this distribution and redemption service for numerous stablecoins. “Stablecoins become ubiquitous when there is a shared acceptance network, just like cards. Traditional banks and fintechs should provide wallets to accept a wide range of regulated stablecoins on many public-permissionless blockchains,” said Mike Giampapa, General Partner of Galaxy Ventures.