Kaleido Joins Ubyx to Build Stablecoin Settlement Layer

The stablecoin market just took a decisive step toward the mainstream. Ubyx, a startup building a regulated clearing network for stablecoins, has closed a $10 million seed round led by Galaxy Ventures with backing from Coinbase Ventures, Founders Fund, Paxos, and VanEck. The funding will accelerate a global system that lets any supported stablecoin be redeemed at face value directly into the bank or fintech accounts businesses already use—no crypto detours required.

By reframing stablecoins as a new form factor of fiat, Ubyx positions them not as volatile “crypto tokens” but as programmable cash equivalents that can flow through regulated rails. The aim is a pluralistic, multi-issuer environment where interoperability is baked in from day one.

"Kaleido's institutional clients are deeply interested in stablecoins, but to make the leap from DeFi use to revolutionary new rails for mainstream use, there is a key missing piece – the settlement layer," says Steve Cerveny, Kaleido CEO. "Ubyx's vision to build this as an open utility layer fits with what our customers need. With this partnership, Kaleido will tap into its unique position as a trusted infrastructure platform to enhance the value of the Ubyx network. Let's enable the leap to happen!"

As a launch partner, Kaleido will help enterprises plug into the Ubyx clearing system—giving banks and fintechs a fast, compliant path to issue, manage, and settle stablecoins across multiple chains.

You can read more coverage of Ubyx’s seed round at Bloomberg.