Ubyx Raises $10M to Pioneer Stablecoin Infrastructure as GENIUS Act Gains Momentum
In a significant move for the crypto industry, Ubyx Inc., a stablecoin infrastructure startup founded by former Citigroup executive Tony Gallippi, has secured $10 million in seed funding. The round was led by prominent investors including Galaxy Ventures and Peter Thiel’s Founders Fund. This funding comes at a pivotal time as the U.S. Senate advances the GENIUS Act, which aims to provide clearer regulatory frameworks for stablecoins.
Why This Funding Matters
Ubyx is positioning itself as a key player in building a global stablecoin network, addressing critical challenges like cross-border transactions, scalability, and compliance. The startup’s infrastructure promises to bridge traditional finance with decentralized systems, leveraging Gallippi’s expertise from Citigroup to ensure institutional-grade reliability.
The GENIUS Act Connection
The timing of Ubyx’s funding aligns with growing legislative support for stablecoins. The GENIUS Act (short for “Global Economic and National Infrastructure for Unified Stablecoins”) seeks to:
- Establish federal oversight for stablecoin issuers
- Promote interoperability between blockchain networks
- Encourage innovation while mitigating systemic risks
Analysts suggest that Ubyx’s model could become a blueprint for compliant stablecoin ecosystems under the proposed regulations.
Investor Confidence and Market Potential
The participation of heavyweights like Founders Fund signals strong belief in stablecoins’ role in the future of finance. Galaxy Ventures’ involvement further highlights the sector’s potential for institutional adoption. With the global stablecoin market projected to exceed $2.8 trillion by 2028, Ubyx’s infrastructure could unlock new use cases in:
- Remittances and cross-border payments
- Decentralized finance (DeFi) liquidity pools
- Corporate treasury management
What’s Next for Ubyx?
The seed capital will accelerate Ubyx’s technical development and regulatory partnerships. The company plans to launch pilot programs with financial institutions in Q3 2024, coinciding with anticipated progress on the GENIUS Act. As regulatory clarity improves, Ubyx aims to position itself as the go-to infrastructure layer for compliant stablecoin deployments worldwide.
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