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As interest in stablecoins accelerates among banks, a new generation of infrastructure providers is emerging to connect traditional finance with onchain payments. Among them is Ubyx, which is building a global acceptance network designed to make stablecoins as easy to receive and settle as traditional payment instruments.
The project has gained visibility largely thanks to its main public figure, founder and CEO Tony McLaughlin, who has spent his career navigating the intersection of banking and payments.
In March 2025, Ubyx published its white paper and completed a $10 million seed funding round led by Galaxy Digital’s venture arm. Backed by a team of ten, the company plans to launch its network in Q4 2025.
We sat down with McLaughlin to explore the market structure of today’s stablecoins, how Ubyx is building the equivalent of a digital check-clearing system, and why banks stand to benefit from integrating this emerging payment rail.
On why Ubyx exists and the problem it solves
"After the U.S. elections, it became obvious to me that banks would eventually need to operate on public, permissionless blockchains. Stablecoins live on these rails, and if there’s going to be a stablecoin bill, it would be strange for banks not to compete in this space.
But today’s market structure is broken. A handful of issuers dominate because new entrants lack distribution and acceptance networks. If I want to send you a stablecoin, someone has to be ready to receive it and in most cases, that infrastructure simply doesn’t exist.
The best analogy is checks and travelers’ cheques. A stablecoin is just a new form factor of money, a negotiable instrument, like a digital check. Historically, banks built systems where you could deposit a paper check seamlessly into your account. We need the same infrastructure for stablecoins, so basically the ability for anyone, anywhere, to receive, redeem, and settle them at par. That’s what Ubyx is building: a universal clearing layer.”
On why banks will embrace stablecoin clearing layers like Ubyx
“There’s a clear revenue opportunity. Each time a bank receives a U.S. stablecoin and converts it into local currency, it earns FX spreads and transaction fees. As cross-border stablecoin flows grow, this creates a strong incentive for banks to integrate stablecoin payments into their existing infrastructure and capture a share of this new payment rail.”
On how Ubyx works and its role in the stack
“We’re not an exchange. We don’t touch client funds. We’re a clearing platform that orchestrates redemption between banks and stablecoin issuers.
Here’s a concrete example :
- An American importer owes a Japanese exporter $10,000 but U.S. payment systems are closed, so the importer sends $10,000 in USD stablecoin instead.
- The exporter receives the stablecoin instantly in their bank-provided wallet; the bank forwards the USD stablecoin to Ubyx, which redeems it with the issuer and returns dollars to the bank.
- The bank credits the exporter in yen, earns FX revenue, and the payment settles instantly.
Crucially, we’re issuer-agnostic and chain-agnostic. Banks don’t need to do separate integrations for each stablecoin or blockchain.”set ecosystems. Together, they form a complete money product suite.”
On the future of stablecoin adoption, hosted wallets, and bank-issued coins
“The endgame is a pluralistic world where anyone can send, receive, and issue stablecoins. Just like checks and cards in the past, every bank will be able to process them — and many will issue their own.
For users, the shift will feel almost invisible. Tomorrow, you’ll log into your banking app and, next to your IBAN, see a stablecoin wallet address. You’ll be able to receive stablecoins, tokenized deposits, and CBDCs directly into your account without touching an exchange.
Over time, these wallets will increasingly come from banks and fintechs rather than being self-hosted. They already manage customer relationships and compliance, making them the natural providers. And once the acceptance network is in place, adoption will accelerate quickly: most institutions will white-label infrastructure, enabling even smaller banks to issue their own branded stablecoins within days.”
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